Question

The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2.800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances Type here to search 8200 он 9 есе а о TOSHIBA

Answer 1

Marin Corp.
Income Statement
For the year ended December 31, 2022
Sales
Sales Revenue		$ 7,43,000
Less:
Sales returns and allowances	$    8,200
Sales discounts	$    2,800
		$     11,000
Net Sales		$ 7,32,000
Cost of goods sold		$ 2,76,000
Gross profit		$ 4,56,000
Operating expenses		$ 2,06,000
Income from operations		$ 2,50,000
Other revenue and gains	$ 20,800
Other expenses and losses	$   -2,800
		$     18,000
Income before income taxes		$ 2,68,000
Income tax expense ($268000 X 25%)		$     67,000
Net Income (loss)		$ 2,01,000