Use the following Year 3 data: Other Selling and Administrative Expenses Other Expenses Sales Revenue Advertising...

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Use the following Year 3 data: Other Selling and Administrative Expenses Other Expenses Sales Revenue Advertising and Promoti

KVASS, INC. Income Statement For the Year Ended December 31, Year 3 Revenues: Sales Revenue / Total Revenues 1 / Expenses Inc

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Answer 1

Answer #1

KVASS INC.
Income Statement
For the Year Ended December 31, Year 3
Revenues
Sales revenue	$4,885,600

Total revenue
Expenses:
Salaries and Wages expenses	$2,525,000
Advertising and Promotion expenses	$552,650
Interest expense	$114,050
Income tax expense	$166,650
Other selling and Administrative expenses	$1,050,600
Other expenses	$247,900


Total expenses	$4,656,850
Net Income [$4,885,600 - $4,656,850]	$228,750

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Answer 2

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