Finance Practice You need to show intermediate steps. 1. Please construct a complete income statement based...
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Finance Practice You need to show intermediate steps. 1. Please construct a complete income statement based on the following information. | Advertising expenditures Cost of goods sold Depreciation and Amortization Net sales Interest expenses R&D expenditures Repair and maintenance costs Lease and utility expense Management salary Tax rate 58,000 1,433,000 78,000 3,210,000 64,000 30,000 22,000 52,000 240,000 21% 2. For the fiscal year of 2018, Excel Sports Inc. paid out $51,000 as common dividends. Meanwhile, the retained earnings from the Balance Sheets was $297,000 in 2018 and $165,000 in 2017. How much was the net income in 2018? Finance Practice You need to show intermediate steps. 1. Please construct a complete income statement based on the following information. | Advertising expenditures Cost of goods sold Depreciation and Amortization Net sales Interest expenses R&D expenditures Repair and maintenance costs Lease and utility expense Management salary Tax rate 58,000 1,433,000 78,000 3,210,000 64,000 30,000 22,000 52,000 240,000 21% 2. For the fiscal year of 2018, Excel Sports Inc. paid out $51,000 as common dividends. Meanwhile, the retained earnings from the Balance Sheets was $297,000 in 2018 and $165,000 in 2017. How much was the net income in 2018?
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Answer rating: 100% (QA)
Income Statement for the Fiscal Year Net Sales Net Sales Net Sales Advertising Expenditures Net Sale... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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