Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost...
Question 16
Prepare a 2020 income statement for Shanta Corporation based on the following information:
| Cost of goods sold | $490,000 | |
| Operating expenses | 100,000 | |
| Other expenses and losses | 30,000 | |
| Sales revenue | 700,000 | |
| Tax rate | 30% |
Prepare a income statement
SHANTA CORPORATION
Income Statement
For the Year Ended December 31, 2020
Homework Answers
Ans: Income statement for the year ended 31 Dec, 2020
Particulars $.
Sales revenue 700000
- Cost of goods sold (490000)
Gross profit 210000
- Operating expenses (100000)
- Other expenses and loses (30000)
Operating Income 80000
- Interest expense -
Income before taxes 80000
- Tax @ 30% of 80000 (24000)
Net income 56000 .
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Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost...
Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost...
Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost of goods sold $490,000 Operating expenses 100,000 Other expenses and losses 30,000 Sales revenue 700,000 Tax rate 30% SHANTA CORPORATION Income Statement For the Year Ended December 31, 2020 vacy PolicyL 200 202 Toh
CALCUI Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information:...
CALCUI Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost of goods sold Operating expenses Other expenses and losses Sales revenue Tax rate $490,000 100,000 30,000 700,000 30% SHANTA CORPORATION Income Statement For the Year Ended December 31, 2020 02:35 PM / Remaining: 158 min. CALCULATOR Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will leam while you earn points based...
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Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost of goods sold $490,000 Operating expenses 100,000 Other expenses and losses 30,000 Sales revenue 700,000 Tax rate 30% SHANTA CORPORATION Income Statement For the Year Ended December 31, 2020 vacy PolicyL 200 202 Toh
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