Question
Income Statements For the Year Ended December 31, 2020 and 2019 2020 2019 $ $ Operating revenues- Note 1 8,371,200 7,776,000 Less: Cost of goods
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Income Statements | ||
For the Year Ended December 31, 2020 and 2019 | ||
| 2020 | 2019 |
| $ | $ |
Operating revenues- Note 1 | 8,371,200 | 7,776,000 |
Less: Cost of goods sold | 3,872,000 | 3,840,000 |
Gross Profit | ? | 3,936,000 |
Operating expenses |
|
|
Selling and administrative expenses | 1,472,000 | 1,600,000 |
Depreciation expense | 320,000 | 320,000 |
Other expense | 640,000 | 512,000 |
Bad debt expense | ? | 28,800 |
Rent expense | 640,000 | 640,000 |
Operating expenses | 3,104,000 | 3,100,800 |
Net income from operations | ? | 835,200 |
Inventory loss | (320,000) |
|
Interest expense | (285,888) | (283,136) |
Income before tax | 789,312 | 552,064 |
Income tax expense | (320,000) | (192,000) |
Net income | 469,312 | 360,064 |
Note 1: Operating revenue includes $451,200 gain on disposal of plant assets and other similar items. |
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1. Complete the income statement for the year 2020.
2. Complete the balance sheet for the year 2020.
3. Prepare a cash flows statement for the operating activities for the year 2020. along with ratios that can be calculated from the data presented (2 years, trend, percentages etc.)
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