Question

SLIUIJI The income statement, balance sheets, and additional information for Track Inc. are provided. Track Inc Income Statement For the Year Ended December 31, 2019 $300,000 10,000 310,000 Revenues Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net Income 120,000 25,000 47,000 16,000 12,000 220,000 $90,000

Answer 1

The information is insuffucient to sole the question and based on the inforation provided the income statement can be presented as follows

Income stateent for the year ended december 31,2019

Particulars Amount($)

Revenue    3,00,000

Other income 10,000

A.Total Revenue      3,10,000

Expenses

Cost of goods sold 1,20,000

Operating expense 25,000

Depreiation expense 47,000

Interest expense 16,000

B.Total Expense 2,08,000

Net operating income before tax (A-B) 1,02,000

Less; Tax expenses

  Current Tax (12,000)

Deferred Tax Nil

Net Income 90,000