The following information is available for Mildred Corporation for the year ended December 31, 2012: Cost of

Question:

The following information is available for Mildred for the year ended December 31, 2012: Cost of goods sold $205,000; Sales revenue $450,000; Other revenues and gains $50,000; and Operating expenses $75,000. Assuming a corporate tax rate of 30%, prepare an income statement for the company.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...