Tailwind, Inc. provided the following income statement for the year ended December 31, 2021. ...
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Accounting
| Tailwind, Inc. provided the following income statement for the year ended December 31, 2021. | ||||||
| All income is subject to a total of 40% tax. | ||||||
| TAILWIND, INC. | ||||||
| Income statement | ||||||
| December 31, 2021 | ||||||
| Sales | $ 12,000 | |||||
| Cost of Goods Sold | 4,000 | |||||
| Gross Profit | 8,000 | |||||
| Operating Expenses | 5,000 | |||||
| Operating Income | 3,000 | |||||
| Income Tax Expense (at 40%) | 1,200 | |||||
| Net Income | $ 1,800 | |||||
| The company also had $375 of unrealized holding gains on its available-for-sale (long-term) | ||||||
| investment portfolio. | ||||||
| Prepare a statement of comprehensive income using the one-statement approach. | ||||||
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