Income statement Format and list in bold !

example

1. During the past year, ALL Supply, Inc., had sales of $3 million, cost of goods sold of $1.8 million, operating expenses of $800,000, and interest expenses of $200,000. ALL Supply paid preferred stock dividends of $200,000 during the year. Using the U.S. Federal corporate tax rates, what was ALL Supply's taxable income, and its total tax liability for the year. What is ALL Supply's average tax rate. (You will need to construct an income statement to answer. Use proper Income Statement format. Do not go too far!!) (8 Points) 2 points Income Statement format 2 points each listed in bold Balance Sheet: Assets Cash Marketable Securities Receivables Inventory Prepaid expenses Other Current Assets D Total current assets Gross Fixed Assets Less: accumulated depreciation Net Fixed Assets = Other Assets -Total assets Liabilities Accounts payable Accruals Notes payable Total current liabilities 14000 6200 33000 84000 1100 138300 300000 -30000 270000 408300 57000 5000 13000 75000 5