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Urgent need the answers, quick questions please :) Here are accounts from the statement of financial position and Income statement of date: 31 Dec 2020
Urgent need the answers, quick questions please :)
Here are accounts from the statement of financial position and Income statement of date: 31 Dec 2020 for Royy's Inc. All amounts report normal balance. Account Balance Accounts payable $ 4,360 Accounts receivable S 200 S 3,200 Advertising expense Bank loan payable S 8,000 Building (net value) S 26,100 Cash S 34,000 Common shares S 16,000 S 92,000 Cost of goods sold Depreciation expense, Building S 4,400 Income tax payable To determine Interest expense S 600 Inventory S 10,800 Land S 16,000 Prepaid rent S 9.200 Rent expense S 1,000 $ 46,020 Retained carnings (opening balance January 1, 2020) Sales revenue $ 168,000 S 400 Supplies Supplies expense S 200 Uncarned revenue S 2,400 Wages expense S 18,000 Please give following amounts: a What is gross profit? b. Operating expenses? c What is the operating income (which is the profit from operations)? d. Other revenues and expenses? e Income before income tax? & income tax expense (considering a 30% tax rate)? & Net income (assuming 30% tax rate)Step by Step Solution
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