The junior accountant for Josselin Ltd. was asked to prepare an income statement and statement of comprehensive income for the year ended October 31, 2017. The accountant summarized the accounts he thought were necessary to prepare the statement but isn't sure how to proceed. Use the information provided by the junior accountant to prepare the income statement and statement of comprehensive income (you can combine the statements into one or prepare two separate statements). Note that not all the information provided may be appropriate to use in the income statement.

Transcribed Image Text:

Accounts Cash from operations Cost of sales Depreciation expense Dividends Income tax expense $ (75,000) 1,870,000 4,356,000 5,750,000 545,000 receivable S 510,000 375,000 2,800,000 224,000 300,000 300,000 Other comprehensive income Property, plant, and equipment Retained earnings Revenue Salaries and wages expense Selling, general, and administrative expense 650,000 Interest expense 185,000 Waes payable 210,000