Wiley GAAP: Financial Statement Disclosure Manual. Joanne M. Flood

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$xxx Expenses: Cost of goods sold $xxx Selling expenses xxx General and administrative expenses xxx Interest expense xxx xxx Income from continuing operations xxx

Example 5.4: Combined Statement of Income and Comprehensive Income with “Net of Tax” Presentation

Hypothetical Corporation Statement of Comprehensive Income for the Year Ended December 31, 20X1 ($000 omitted)
Revenues			$395,400
Expenses			(251,220)
Other gains and losses			1,500
Income from operations before tax			145,680
Income tax expense			(62,430)
Net income			83,250
Earnings per share
Basic and diluted 0.73
Other comprehensive income
Foreign currency translation adjustment, net of $5,100 tax			11,900
Unrealized gain on securities:
Unrealized holding gains arising during period, net of $7,500 tax	17,500
Less: Reclassification adjustment, net of $1,500 tax, for gain included currently in net income		(3,500)	14,000
Cash flow hedges
Net derivative losses arising during the period, net of $4,800 tax		(11,200)
Less: Reclassification adjustment for losses included currently in net income, net of $7,762 tax		18,113	6,913
Defined benefit pension plans:
Prior service cost arising during period		(3,900)
Net loss arising during period		(2,900)
Less: Amortization of prior service cost included with net period pension cost		300
Less: Tax effects		1,950	(4,550)
Other comprehensive income			(28,263)
Comprehensive income			$111,513

Example 5.5: Combined Statement of Income and Comprehensive Income with “Gross of Tax” Presentation

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Hypothetical Corporation Statement of Comprehensive Income for the Year Ended December 31, 20X1 ($000 omitted)
Sales		$395,400
Expenses		(251,220)
Other gains and losses		1,500
Income from operations before tax		145,680
Income tax expense		(62,430)
Net earnings		83,250
Earnings per share
Basic and diluted 0.73
Other comprehensive income
Foreign currency translation adjustment		17,000
Unrealized gains on debt securities:
Unrealized holding gains arising during period