Question

Let's Get Stoned, Inc. reported the following for 2020:
Net Sales	650,000
Cost of goods sold	247,000
Selling and administrative expenses	315,000
Unrealized holding gain - Available for sale securities	17,000
PREPARE STATEMENT OF COMPREHENSIVE INCOME :	A. ONE STEP FORMAT
	B. TWO STEP FORMAT

Answer 1

A. ONE STEP FORMAT

Let's Get Stoned Inc.
Statement of comprehensive income for the year ended 2020
Particulars	Amt. in $	Workings
Revenues & gains
Net Sales	650000	A
Unrealized holding gain-Available for sales securities	17000	B
Total Revenues & gains	667000	A+B=C
Expenses & losses
Cost of Goods sold	247000	D
Selling and administrative expenses	315000	E
Total Expenses & losses	562000	D+E=F
Net Income	105000	C-F

B.  TWO STEP FORMAT

Let's Get Stoned Inc.
Statement of comprehensive income for the year ended 2020
Particulars	Amt. in $	Workings
Net Sales	650000	A
Cost of Goods sold	247000	B
Gross profit	403000	A-B=C
Operating Expense
Selling Expenses
Selling and administrative expenses	315000
Total Operating Expenses	315000	D
Operating Income	88000	C-D=E
Non operating or other
Unrealized holding gain-Available for sales securities	17000
Total non-operating income	17000	F
Net income	105000	E+F