Question

Create an Income Statement with this data:

There is a 20% tax rate.

CR DR 10000 15000 12000 25000 24000 12000 50000 100000 50000 120000 ооооо 200000 250000 50000 3000.00 750.00 25000 30XXXD 10000 15000 6000D 1000DD Cash Accounts Receivable Short-Term Marketable Securities Irwentory Prepaid Rent Prepaid Insurance Long-Term Marketable Securities Land Held for Future Use Debt Service Fund Land in Use Buildings Accumulated Depreciation - Buildings Machinery and Equipment Accumulated Depreciation - Mach and Equip Copper Mine Accumulated Depletion - Copper Mine Franchise Copyright Trademark Patent Long-term Deferred Tax Asset Long-term Pension Asset Accounts Payable Income Taxes Payable Note Payable (due in 6 months) Interest Payable Mortgage Payable (1/20 due this year) Note Payable (due in 2 years) Common Stock Paid-in Capital in Excess of Par-Common Preferred Stock Paid-in Capital in Excess of Par-Preferred Retained Earnings Other Accumulated Comprehensive Income Treasury Stock Sales Reverne Sales Discounts Sales Expenses General Administrative Expenses Cost of Goods Sold Interest Reverne Dividend Reverne Interest Expense Gain on Sale of Equipment Loss on Sale of Investments Discontinued Operations (net of tax) Totals 1700D 63000 50000 25000 400000 150000 100000 Зооооо 50000 100000 200000 25000 10000 778000 5000 150000 250000 200000 20000 15000 220.00 7000 5000 1500 2625000 2625000

Answer 1

$778,000 $5,000 $773.000 $200,000 $573,000 Income Statement Revenues: Sales revenue Less : Sales Discounts Net Sales Less: Cost of goods sold Gross Profit Operating expenses: Sales expenses General Administrative expenses Total operating expenses Income from operations Other revenues and expenses Interest revenue Dividend revenue Gain on sale of Equipment $150.000 $250,000 $400.000 $173.000 $20.000 $15,000 $7,000 $42.000 $215,000 $22.000 $5,000 Other expenses and losses Interest expense Loss on sale of investments Income from continuing operations before income tax Income tax expense (S188.000 * 20%) Income from continuing operations Discontinued operations (Net of tax) Net Income / (Loss) $27.000 $188,000 $37,600 $150.400 $15,000 $135,400