Question

RCES Part Part Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Swifty Company reported the following condensed data. Operating expenses $763,520 Interest revenue $32,220 Cost of goods sold 1,292,100 Loss on disposal of plant assets 19,670 Interest expense 74,210 Net sales 2,408,400 Other comprehensive loss 8,300 Part (Part (a) Your answer is partially correct. Try again. (Part Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts parentheses e.g. (45).) ssion) 23. SWIFTY COMPANY Income Statement For the Year Ended December 31, 2020 . Study Net Sales 2408400 Cost of Goods Sold 1 1292100 Gross Profit 1116300 Operating Expenses - 763520 || Net Income / (Loss) T 352780) Income from Operations Interest Expense 74210 Other Expenses and Losses

Answer 1

Answer-

SWIFTY COMPANY Income Statement for the Year Ended December 31, 2020
Net Sales			$2,408,400
Cost of Goods Sold			$1,292,100
Gross Profit			$1,116,300
Operating Expenses			$763,520
Income from Operations			$352,780
Other Revenues and gains
Interest Revenue		$32,220
Other Expenses and Losses
Interest Expenses	$74,210
Loss on Disposal of Plants	$19,670	$93,880
			-61,660
Net income			$291,120

SWIFTY COMPANY Income Statement for the Year Ended December 31, 2020
Revenues
Net Sales	$2,408,400
Interest Revenue	$32,220
Total Revenue		$2,440,620
Expenses
Cost of Goods Sold	$1,292,100
Operating Expenses	$763,520
Interest Expenses	$74,210
Loss on Disposal of Plants	$19,670
Total Expenses		$2,149,500
Net Income		$291,120

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