Question

eBook Calculator Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year for the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30% Prepare a single-step income statement for Brandt Corporation for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Revenues Sales revenue 500.000 Interest revenue 2.000 ✓ Total revenues 50.000 Expenses Cost of goods sold 240.000 Operating expenses 50,000 Interest expense 12.000 Income tax expense 62.000 X Total expenses Net income Fack Under the single-ste income statement format comanda sistem tots and senses. The como comutes Check My Work Previous Next > All work saved Save and Submit Assement for candio

Answer 1

BRANDT CORPORATION

Income statement

for year ende december 31, current year

	$	$
revenues
sale revenue		500000
interest revenue		2000
total revenue		502000
expenses
cost of goods sold	240000
operating expenses	50000
interest expenses	12000
income tax expenses	150600
total expenses		452600
net income		49400

given

sales revenue=$500000 and interest revenue=$2000

total revenue=$500000+$2000=$502000

given

cost of goods sold=$240000

operating expense=$50000

interest expense=$12000

income tax rate is 30%

income tax expense=total revenue*30%

income tax expense=$502000*$30=$150600

total expenses=$240000+$50000+$12000+$150600=$452600

net income= total revenue-total expenses

net income=$502000-$452600=$49400