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Income statement information for Bridgeport Tire Repair Corporation for the year 2017 follows: General and administrative expenses: Freight-in $13,000 Salaries and wages expense $36,900 Purchase
Income statement information for Bridgeport Tire Repair Corporation for the year 2017 follows:
General and administrative expenses: | Freight-in | $13,000 | ||||||
Salaries and wages expense | $36,900 | Purchase discounts | 10,000 | |||||
Depreciation expensebuilding | 28,500 | Dividend revenue | 20,000 | |||||
Office supplies expense | 9,600 | Inventory (beginning) | 114,000 | |||||
Inventory (ending) | 140,000 | Sales returns and allowances | 18,000 | |||||
Lossother (due to flood damage) | 52,000 | Service expenses: | ||||||
Gain on the sale of equipment | 5,600 | Salaries and wages | 72,000 | |||||
Purchases | 570,000 | Depreciation expensegarage equipment | 18,000 | |||||
Sales revenue | 960,000 | Garage supplies expense | 9,000 | |||||
Interest expense | 9,000 |
The effective tax rate on all income is 33%, and Bridgeport applies ASPE.
Prepare a multi step income state.
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