Outstanding Homes Corporation
Income Statement
For the Year Ended December 31, 2018
Sales
$800
Cost of Goods Sold
(80)
Gross Profit
$720
Selling Expenses
(30)
General and Administrative Expenses
(80)
Other Revenues and Expenses
(65)
Loss on Asset Impairment
(25)
Income Before Tax
$520
Income Tax Expense (at 40%)
(208)
Net Income
$312
Homework Answers
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| Outstanding Homes Corporation | ||
| Multi Step Income Statement for the year ended December 31, 2018 | ||
| Particulars | Amount $ | Amount $ |
| Sales Revenue | 800.00 | |
| Less: returns and allowances | - | |
| Net Sales | 800.00 | |
| Cost of goods sold | 80.00 | |
| Gross Profit | 720.00 | |
| Selling expense | 30.00 | |
| General and administrative Expense | 80.00 | |
| Operating Expense | 110.00 | |
| Operating Income | 610.00 | |
| Other Revenues and Expenses | (65.00) | |
| Other expense and income | (65.00) | |
| Income before extraordinary items | 545.00 | |
| Loss on Asset Impairment | 25.00 | |
| Income before tax | 520.00 | |
| Tax expense at 40% | 208.00 | |
| Net Income | 312.00 |
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Outstanding Homes Corporation
Income Statement
For the Year Ended December 31, 2018
Sales
$800
Cost of...
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