Question

2

u are a summer intem at the office of a local tax preparer. To test your basic knowledge of financial statements, your manager who graduated from your alma mater 2 years age, gives you the folowing et of accounts ks you to prepare a simple income statement using those accounts Arrange the accounts into a wel-labeled income statement Make sure you label and solve for gross profts,operating profits, and net prolts before taxes Using a 35% tax rate calculate taxes paid and net profits after taxes Assuming a dividend of $1 08 per share with 4 29 million shares outstanding, calculate EPS and additions to retained earnings Complete the income statement, down to the net profts belore taxes line, below. (Select the account names from the drop-down menus and round the amounts to two decimal places) Name of Company Income Statement (5000,000) Data Table (Cick on the lcon located on the top-right corner of the data table below in order to copy its contents into a spreadsheet) 2. Gross profits Less Operating expenses Depreciation expense General and administrative expenses Sales Sales expenses Cost of goods sold Lease expense Interest expense 24.05 22 79 344 37 18 87 225 17 478 2 86 oose trom any list or enter any number in the input felds and then continue to the Print Done

Answer 1

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