How to determine the income statement for #33?

0 Accounts Payable 12,000 Interest Income 3.000 Salaries & Wages 91.000 Prepaid Expenses 2.000 Expense Inventories 22.000 Income Taxes Ex 18.000 pense Income Taxes Payable 5.000 Notes Payable 20,000 Based on this information, is Franklin Corporation profitable? Explain your answer ANS (5165.000 Sales Revenue + $3,000 Interest Income) - (891.000 Salaries & Wages Expense +$14.000 Selling Expenses +$18.000 Income Taxes Expense) - $15.000 Net Income Franklin Corporation had net income for the period of $15.000. Since revenues exceeded expenses for the period, the company would be considered profitable. PTS: 1 DIF Moderate OBJ: 01-04 NAT: AACSB Analytic I AICPA FN Measurement ACBSP-APC-09-Financial Statements The assets and liabilities of Amos Moving Services at March 31, 2011, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner was S180.000 at April 1, 2010, the beginning of the current year. Mr. Amos invested an additional $25,000 in the business during the year. Accounts Payable Accounts Receivable Cash $1,200 $10,340 $33.990 $84.350 $47.000 $157.630 Miscellaneous Expense Office Expense Supplies Wages Expense Drawing 5230 $1.240 $1,670 $23.550 $16,570 Foes Earned Land Building Prepare an income statement for the current year ended May 31, 2011 ANS Amos Moving Services Income Statement For the Year Ended March 31, 2011 $84,350 Fees Eamed Expenses Wages Expense Office Expense Miscellaneous Expense Total Expenses $23,550 1.240 230 Net Income 25.020 $59310 PTS: 1 DIF: Moderate OBJ: 01-05 NAT: AACSB Analytic I AICPA FN-Measurement ACBSP-APC-09-Financial Statements