Question
Bridgeport Rides Inc. has a March 31, 2024, fiscal year end and a 35% income tax rate. The following information is available for its
Bridgeport Rides Inc. has a March 31, 2024, fiscal year end and a 35% income tax rate. The following information is available for its 2024 year end: 1 Performed $865,000 service revenue and paid $342.000 in salaries. Interest expense was $13,700. 2 Paid dividends in December 2023 of $14,500 that had been declared in November 2023. 3. On March 10, 2024, declared dividends of $21,800 payable April 30, 2024, 4. Recorded and remitted income taxes of $150,000 (related to 2024 fiscal year) during the year. Issued common shares for $15.800 on January 31, 2024. 5. 6. Retained earnings balance on April 1, 2023 was $72.000. (a) Prepare an income statement BRIDGEPORT RIDES INC.
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