Question

In its income statement for the year ended December 31, 2022, Windsor, Inc. reported the following condensed data. Salaries and wages expenses $427,800 Loss on disposal of plant assets Cost of goods sold 908,040 Sales revenue Interest expense 65,320 Income tax expense Interest revenue 59.800 Sales discounts Depreciation expense 285,200 Utilities expense $76,820 2,033,200 23,000 147,200 101,200

Answer 1

$ $ $ 1,886,000 908,040 977,960 Windsor, Inc. Income Statement For the Year Ended December 31, 2022 Sales Revenue: Sales Revenue $ 2,033,200 Less: Sales Discounts $ 147,200 Net Sales Cost of Goods Sold Gross Profit Operating Expenses: Salaries and Wages Expense $ 427,800 Depreciation Expense $ 285,200 Utilities Expense $ 101,200 Total Operating Expenses Income from Operations Other Revenue and Gains: Interest Revenue Other Expenses and Losses: Interest Expense $ 65,320 Loss on Disposal of Plant Assets $ 76,820 Income before Income Taxes Income Tax Expense Net Income /(Loss) $ $ 814,200 163,760 $ 59,800 $ 142,140 81,420 23,000 58,420 $