1- Modify Ch4 H.W question (preparing the comprehensive income statement) by:

- changing the sales revenue to be $3,420,500

&

- consider the income tax as 10%.

Ch4 H.W(1): (Income Statement, Retained Earnings) Presented below is information related to Intalio Corporation at December 31, 2018. 7,320 $2,420,500 25,500 55,000 750,000 60,000 6,000 9,000 100,000 22,000 8,000 $50,000 18,000 12,000 Sales revenue Sales discounts Sales returns and allowances Cost of goods sold Salaries and wages expense (85% sales) Sales commissions Travel expense (90% salespersons) Delivery expense Entertainment expenses (75% administrative) Telephone and Internet expense (100% sales) Depreciation expense (sales equipment) Maintenance and repairs expense (90%sales) Miscellaneous selling expenses(80% sales) Supplies expense (100% Administrative) Telephone and Internet expense (100% administration) Depreciation expense (office furniture and equipment) 10,000 Property tax expense (100% administrative) Bad debt expense (100% selling) Maintenance expense (100% administration) Office expenses unrealized gain on non-trading equity securities Dividend revenue Interest expense Utilities expense (50% Sales) Loss on sale of old furniture Interest revenue Depreciation overstatement due to error-2017 (net of tax) gain on the disposition of the global division (net of tax) Loss on operation of the global division (net of tax) Dividends declared on preference shares Dividends declared on ordinary shares Retained earnings at January 1, 2018 Ordinary share outstanding 40,000 18,000 8,000 2.000 1,000 20,000 5,000 12,000 6,000 30,000 4,500 10,000 3,450 50,000 2,820 350,000 7,250 100,000 Requirements 1- Prepare the comprehensive income statement (one statement approach) for the year ended June 30, 2018 2. Prepare the retained earnings statement Assume the company had $35,000