Homework Answers
| INCOME STATEMENT | |
| Particular | Amount |
| Turnover | $ 580,000.00 |
| Less: Cost of goods sold | $ (180,000.00) |
| Gross profit | $ 400,000.00 |
| Add: sales of equipment | $ 45,000.00 |
| Less: | |
| Depreciation | $ (1,000.00) |
| Marketing expenses | $ (25,000.00) |
| Interest paid | $ (20,000.00) |
| Irregular expense | $ (32,000.00) |
| Income before tax | $ 367,000.00 |
| Tax expenses | $ (91,750.00) |
| Net Income | $ 275,250.00 |
| Dividend paid | $ (27,525.00) |
| Retained earnings transferred | $ 247,725.00 |
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