![P1-1 Part 1 Required: 1. Prepare a summarized income statement for the year HIGHLIGHT CONSTRUCTION COMPANY Income Statement Accounts payable Pretax income otal expenses Income tax expense Net income References Connect and L pptx ] ^ AUX-Syllabus-....docx 21](http://img.homeworklib.com/questions/6f580c50-6f74-11ea-bc9c-edbf23450195.png?x-oss-process=image/resize,w_560)
Homework Answers
Solution:
| Highlight Construction Company | |
| Income statement | |
| For the year | |
| Particulars | Amount |
| Total sales revenue | $131,000.00 |
| Expenses | $85,200.00 |
| Pretax income | $45,800.00 |
| Income tax expense (30%) | $13,740.00 |
| Net Income | $32,060.00 |
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Ch 1 HW Ch 1 HW 12,500 47640 31000 Total sales r income sses 84100 31)...
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