Chapter 4-Income statement. Presented below is information (in thousands) related to Chen Company. Retained earnings, December...

 

Transcribed Image Text:

Chapter 4-Income statement. Presented below is information (in thousands) related to Chen Company. Retained earnings, December 31, 2014 Sales revenue Selling and administrative expenses Loss on disposal of component (pre-tax) Cash dividends declared on ordinary shares ✓ Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Rent revenue Impairment loss Interest expense ¥ 650,000 1,400,000 240,000 260,000 10,000 33,600 830,000 520,000 120,000 90,000 Instructions Prepare in good form an income statement for the year 2015. Assume a 30% tax rate and that there were 70,000 ordinary shares outstanding during the year. Chapter 4-Income statement. Presented below is information (in thousands) related to Chen Company. Retained earnings, December 31, 2014 Sales revenue Selling and administrative expenses Loss on disposal of component (pre-tax) Cash dividends declared on ordinary shares ✓ Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Rent revenue Impairment loss Interest expense ¥ 650,000 1,400,000 240,000 260,000 10,000 33,600 830,000 520,000 120,000 90,000 Instructions Prepare in good form an income statement for the year 2015. Assume a 30% tax rate and that there were 70,000 ordinary shares outstanding during the year.

Answer rating: 100% (QA)

INCOME STATEMENT Chen Company Particulars Sales Cost of goods sold Gross profit Selling and admi... View the full answer