Homework Answers
| Ans. | Option C $212,000 | ||||
| STEM COMPANY | |||||
| Income Statement | |||||
| For the Year 2008 | |||||
| Particulars | Amount | Amount | |||
| Sales | $852,000 | ||||
| Less: Cost of sales | -$415,000 | ||||
| Gross profit | $437,000 | ||||
| Less: Operating expenses: | |||||
| Selling expenses | $96,000 | ||||
| Administrative expenses | $37,000 | ||||
| Total Operating Expenses | $133,000 | ||||
| Operating income (EBIT) | $304,000 | ||||
| Other income (expenses) | |||||
| Add: Interest income | $7,000 | ||||
| Less: Interest expenses | -$35,000 | ||||
| Earnings before tax | $276,000 | ||||
| Less: Income tax expense | -$64,000 | ||||
| Net income | $212,000 | ||||
| *Dividends are adjusted with the statement of Retained earnings. | |||||
| *Accounts receivble and merchandise inventory are the balance sheet items. | |||||
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