Homework Answers
| COLLUMBER CORPORATION | |
| Income Statement | |
| For the Year Ended December 31, 2020 | |
| $ | |
| Sales revenue | 775,000.00 |
| Cost of goods sold | (468,000.00) |
| Gross profit | 307,000.00 |
| Operating Expense | (109,000.00) |
| Income from Operations | 198,000.00 |
| Other Revenues & Gains | 89,500.00 |
| Other Expenses & Losses | (31,000.00) |
| Income Before Income Taxes | 256,500.00 |
| Income Tax Expenses ($256,500 x 35%) | (89,775.00) |
| Net Income | 166,725.00 |
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