Homework Answers
Dear Student
Below is the complete Income Statement with necessary data as required by highlighted parts in the question.
| ABC Company LLC | ||
| Income Statement | ||
| For the year ended December 31, 2016 | ||
| Particulars | Amount ($) | |
| Sales | 33,15,938 | |
| Cost of Sales (Sales - Gross Profit) | 26,75,286 | |
| Gross Profit (A) | 6,40,652 | |
| Operating Expenses | ||
| Advertising | 5,264 | |
| Auto and Truck Expenses | 3,686 | |
| Bank Service Charges | 3,158 | |
| Credit Card Fees | 16,621 | |
| Depreciation | 8,436 | |
| Insurance | 24,511 | |
| Legal and Accounting | 15,943 | |
| Miscellaneous | 10,963 | |
| Payroll Taxes | 29,931 | |
| Rent | 36,000 | |
| Repairs and Manitainence | 34,370 | |
| Supplies | 35,748 | |
| Travel | 7,071 | |
| Utilities | 28,338 | |
| Wages | 1,99,537 | |
| Total Operating Expenses (B) | 4,59,577 | |
| Operating Income (C = A - B) | 1,81,075 | |
| Interest Expense (D) | 6,237 | |
| Net Income Before Taxes (E = C - D) | 1,74,838 | |
| Income Tax @ 40% (E x 40%) | 69,935 | |
| Net Income (E - Income Tax) | 1,04,903 | |
Regards
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ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES $...
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ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES 3,315,938 640,652 COST OF SALES GROSS PROFIT OPERATING EXPENSES: Advertising Auto and Truck Expenses Bank Service Charges Credit Card Fees Depreciation Insurance Legal and Accounting Miscellaneous Payroll Taxes Rent Repairs and Maintenance Supplies Travel Utilities Wages Total Operating Expenses OPERATING INCOME (LOSS) 5,264 3,686 3,158 16,621 8,436 24,511 15,943 10,963 29,931 36,000 34,370 35,748 7,071 28,338 199,537 2009 6,237 INTEREST EXPENSE NET INCOME BEFORE TAXES...
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