Question

In its income statement for the year ended December 31, 2022, Windsor, Inc. reported the following condensed data. Operating expenses $715,000 Interest revenue $ 29,000 Cost of goods sold 1,252,000 Loss on disposal of plant assets 13,000 Interest expense 65,000 Net sales 2,196,000 Income tax expense 41.000 Other comprehensive income (net of $1,200 tax) 7,900

Answer 1

op Income Stodemont. Windsor, Inc Income Slademend - For the Year Ended December 31, 2022 Net sales. $12,196,000 Cost of Goods sold |$11,252,000 Gnous Profil $ 944.000 Operating expenses $1715,000 Income from opexalions) 4229.000 TOther Revenues and Gains] [ Interest Revenue $ 29,000 Other [repenses and hasses) Interest Prepense ] . 1[65,000 how on disposal of plantasseislę 13,000 | 1$ 78000 7 Income before Income taxes $(180,000 | Income Tax Expense 41,000 I Need Income / Chesss) 000

Explanations : I Nel sales a Less: Cost of goods sold. Gross Profed i hess: Operating expenses = Pocome from operationg Add: Interest Revence $2196,000 q 1,252.000 į 944,000 $ 745.000 329,000 $ 29,000 $ 258,000 $ 65,000 hess: Interest expenses = hessi hass on disposal of planell assets 13,000 Income belone income taxes : P 180,000 hessa Income dax expense = $ 45,000 Net income fenou) - P 199,000 (Am. )