The following information is available for Swifty Corporation for the year ended December 31, 2020: cost...

 

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The following information is available for Swifty Corporation for the year ended December 31, 2020: cost of goods sold $205,000, sales revenue $438,000, other revenues and gains $47,500, and operating expenses $76,000. Assuming a corporate tax rate of 35%, prepare an income statement for the company. SWIFTY CORPORATION Income Statement For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit / (Loss) Operating Expenses Income from Operations Other Revenues and Gains Income before Income Taxes Income Tax Expense Net Income / (Loss) The following information is available for Swifty Corporation for the year ended December 31, 2020: cost of goods sold $205,000, sales revenue $438,000, other revenues and gains $47,500, and operating expenses $76,000. Assuming a corporate tax rate of 35%, prepare an income statement for the company. SWIFTY CORPORATION Income Statement For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit / (Loss) Operating Expenses Income from Operations Other Revenues and Gains Income before Income Taxes Income Tax Expense Net Income / (Loss)

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Income statement for the year end Dec 31st 2020 Particulars Amt Sa... View the full answer