Given the following information for Smashville, Inc., construct an income statement for the year: Cost of...

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Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: Investm

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Answer 1

Answer #1

Income statement

Net Sales		338000
Cost of goods sold		170000
Gross profit		168000
Operating expense		49000
Operating income		119000
Other revenue and expense
Investment income	3200
Interest expense	-7400	-4200
Income before tax		114800
Income tax		45920
Net income		68880

Retained earnings for the year = Net income-Dividend = 68880-14000 = 54880

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Answer 2

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