Income Statement Presentation The financial records of Dunbar Inc, were destroyed by fire at the end of
Question:
1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.
2. Sales discounts amount to $17,000.
3. 30,000 ordinary shares were outstanding for the entire year.
4. Interest expense was $20,000.
5. The income tax rate 30%.
6. Cost of goods sold amounts to $500,000.
7. Administrative expenses are 18% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales activities.
Instructions
From the foregoing information, prepare an income statement for the year 2010.
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