Homework Answers
Ans.
| PETER'S CURLING INC | ||
| Statement of Earnings | ||
| For the month of October 2017 | ||
| Revenues | $ 21,900.00 | |
| Cost of sales | $ (5,100.00) | |
| Gross Profit | $ 16,800.00 | |
| Expenses | ||
| Utilities | $ 4,730.00 | |
| Salaries | $ 6,300.00 | |
| Insurance | $ 630.00 | |
| Repair | $ 2,150.00 | |
| Total Expense | $ 13,810.00 | |
| Earnings before income taxes | $ 2,990.00 | |
| Income Tax Expense | $ 897.00 | |
| Net Income | $ 2,093.00 |
Revenue =$13,450 + $8,450 = $21,900
Cost of sales = $ 5,100
Utilities = $ 4,730 (Bill amount of October month)
Insurance = $ 1,890/3 = $630 (Taken only the amount of October month)
Income Tax Epense @ 30% = $ 2,990 * 30% = $897
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