Question

Assignment Gradebook ORION Downloadable Textbook ment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Question 3 The following information is available for Pharoah Corporation for the year ended December 31, 2020: sales revenue $790,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $468,000, other expenses and losses $34.500, and preferred stock dividends $43,050. The company's tax rate was 30% and it had 54,000 shares outstanding during the entire year Prepare a corporate income statement. (List other revenues before other expenses.) PHAROAH CORPORATION Income Statement W o n Penso 2000-2019 Bahn Wiley Sons, Inc. All Rights Reserved. A Division of MacBook Air

Answer 1

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Sales Revenue			$     790,000
Less: Cost of Goods Sold			$   (468,000)
Gross Margin			$     322,000
Less: Operating Expense			$   (101,000)
Operating Income			$     221,000
Other Revenue and Gains		$     91,000
Other Expense and losses		$ (34,500)	$       56,500
Income before tax			$     277,500
Less: Income Tax 30%			$     (83,250)
Net Income			$     194,250