Question
Prepare an income statement for year ended Dec. 31, 2019 Sales Revenue 5,500,000 Cost of Goods sold 2,800,000 Salaries expense 1,100,000 Income Tax Payable 5,000
Prepare an income statement for year ended Dec. 31, 2019
Sales Revenue 5,500,000
Cost of Goods sold 2,800,000
Salaries expense 1,100,000
Income Tax Payable 5,000
Rent Expense 490,000
Administrative Expense 490,000
Income tax rate is 35%
Do in following format
Revenue
Expenses
Total Expenses
Income before income tax
Net income
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Core Concepts Of Accounting Information Systems
Authors: Mark G. Simkin, Carolyn A. Strand Norman, Scott Paquette
1st Canadian Edition
1118738101, 978-1118738108
