Statement of Comprehensive Income for Magician Co.

How can we prepare the statement of comprehensive income for Magician Co. based on the given data?

a) Prepare, in good format, the statement of comprehensive income.

Statement of Comprehensive Income is a financial statement that outlines the financial performance of a business for a given period. It includes revenue, expenses, gains, and losses.

For Magician Co., the following statement can be prepared for the year 2020:

Statement of Comprehensive Income
Revenue: $740,000
Cost of Goods Sold: $390,000
Gross Profit: $350,000

Expenses:
- Utilities Expenses: $15,000
- Rent Expense: $42,000
- Administrative Salaries: $134,000
Total Operating Expenses: $191,000

Gain from Operations: $159,000
Unrealized holding gain on OCI classified investment: $17,000

Profit Before Taxes: $176,000
Income Taxes (25%): $44,000
Net Profit: $132,000