On December 31, 2016, Melissa Company's adjusted trial balance contained the following account balances: The income tax rate is 30%, and the company had 2,000 shares of common stock outstanding during the year.
Required:
a. Prepare the income statement for the year 2016 that includes comprehensive income.
b. Prepare the income statement for the year 2016 and a separate statement of comprehensive income.

Question

On December 31, 2016, Melissa Company's adjusted trial balance contained the following account balances:  The income tax rate is 30%, and the company had 2,000 shares of common stock outstanding during the year.
Required: 
a. Prepare the income statement for the year 2016 that includes comprehensive income.
b. Prepare the income statement for the year 2016 and a separate statement of comprehensive income.

Quizplus · Accepted Answer

The Answer of On December 31, 2016, Melissa Company's adjusted trial balance contained the following account balances:  The income tax rate is 30%, and the company had 2,000 shares of common stock outstanding during the year.
Required: 
a. Prepare the income statement for the year 2016 that includes comprehensive income.
b. Prepare the income statement for the year 2016 and a separate statement of comprehensive income.

On December 31, 2016, Melissa Company's Adjusted Trial Balance Contained