Gross Margin Income Statement Rebound Therapy Inc (RTI) is a company that provides post-injury, registered massage therapy
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Question:
Gross Margin Income Statement
Rebound Therapy Inc ("RTI") is a company that provides post-injury, registered massage therapy services for amateur and professional athletes. They also sell a line of essential oils for various therapeutic applications. The essential oils are produced by one supplier, RTI purchases from and resells in their therapy clinics. The company generated $285,000 of revenues during 2021. Below are the company's costs incurred during fiscal 2021.
Cost Description | Amount ($) |
Legal Fees | $5,000 |
Office Supplies | $13,500 |
Interest Expense | $2,250 |
Loss on sale of asset | $750 |
Salaries - therapists | $95,000 |
Salaries - receptionists | $50,000 |
Depreciation - massage tables | $7,850 |
Depreciation - office furniture | $5,600 |
Office phone & internet | $2,400 |
Linens, towels and cleaning supplies | $1,000 |
Essential oils | $38,500 |
Dividends declared and paid | $42,500 |
Required:
Complete the Company's gross margin income statement as at December 31, 2021. RTI classifies its expenses as: Cost of Goods Sold, Cost of Sales, Operating Expenses and Non-Operating Expenses.
Posted Date: