Assignment 1.5 Exercises
Problem 3: Building an Income Sheet
The following financial data has been provided for Twanger Building Supply, Inc.:
Cost of goods sold	$ 983,095
Cash	141,860
Depreciation	277,530
Interest expense	60,335
Selling & Administrative Expenses	193,340
Accounts payable	100,715
Net fixed assets	1,224,405
Sales	1,928,620
Accounts receivable	100,520
Short-term Notes payable	114,275
Long-term debt	618,035
Inventory	193,530
Intangible Assets	223,450
Wages Payable	21,780
Common Stock	1,750
Additional Paid-In Capital	68,230
Retained Earnings	735,530
Tax Rate (average)	30%
All data is for the year ended Dec 31st, 2019.
Complete the full Income Statement for Twanger Building Supply. What is the Net Income for this firm?