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Hi, I just need to see how the Income statement is done using these information: Follow Table 8.2 on page 181 to develop an end
Hi, I just need to see how the Income statement is done using these information:
Follow Table 8.2 on page 181 to develop an end of year Income Statement for OU Engineering Foundations, using the following data.
- The organization has retained earnings of $1,500,000 from the previous end of the year.
- Gross sales for the year were $5,000,000 with refunds of $200,000 and refunds of $50,000.
- Interest and income from off-site investments were $150,000.
- Loan payments were $250,000.
- Taxes are as in Problem 1, above.
- The cost of goods sold is $2,500,000.
- Depreciation on equipment is $250,000.
- Sales bonuses and expenses are $150,000.
- Administration costs are $500,000.
- The board of directors voted for a $3.00 per share dividend for the 250,000 shares.
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