Question
TCO C) Solar Power Inc. had the following transactions during 2105. Sales revenue $60,000 Equipment rental revenue 1680 Cost of sales 24,750 Selling and administrative
TCO C) Solar Power Inc. had the following transactions during 2105.
| Sales revenue | $60,000 |
| Equipment rental revenue | 1680 |
| Cost of sales | 24,750 |
| Selling and administrative expenses | 13,080 |
| Interest expense | 2,240 |
| Gain on sale of old machinery | 840 |
| Unrealized gain on available for sale securities | 624 |
(A) Prepare a multi-step income statement of Solar Power Inc. assuming income tax rate applicable to SolarPower is 30%.
(B) Compute comprehensive income.
(Points : 35)
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
