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write an income statement for the below and answer the questions on the bottom, not all of the items will be used in the income
write an income statement for the below and answer the questions on the bottom, not all of the items will be used in the income statement
\begin{tabular}{|l|r|} \hline Data for Renee, Inc. Income Statement & \multicolumn{2}{|l|}{} \\ \hline Year runs January 1,2022 through December 31,2022 \\ \hline & \\ \hline Not all of these accounts relate to Income Statement \\ \hline Sales and marketing expense & 250,000 \\ \hline Cost of goods sold & 610,000 \\ \hline Property and equipment & 975,000 \\ \hline Provision for income taxes & 30% tax rate \\ \hline Prepaid insurance & 6,800 \\ \hline Shares outstanding beginning of period & 900,000 \\ \hline Sales returns & 30,000 \\ \hline Accounts receivable & 412,000 \\ Average Equivalent shares & 100,000 \\ \hline General and administrative expense & 100,000 \\ \hline Gross Revenues & 1,850,000 \\ Interest expense & 18,000 \\ \hline Research and development expense & 295,000 \\ \hline Loss on disposal of segment (pre-tax) & 100,000 \\ \hline Accounts payable & 261,000 \\ \hline Shares outstanding end of period & 1,100,000 \\ \hline Loss on sale of investments & 15,000 \\ \hline Goodwill & 49,000 \\ \hline Cash & 414,000 \\ \hline Sales discounts & 15,000 \\ \hline What is the gross margin? & \\ \hline What is the Basic EPS for the year? & \\ \hline \end{tabular}Step by Step Solution
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