Question: Give correct answer kudos! Spice Tree Inc. Income Statement For year ended December 31, 2020 Sales $ 40,000,000 Less: Cost of Goods Sold $24,800,000 Salary
Spice Tree Inc. Income Statement For year ended December 31, 2020 Sales $ 40,000,000 Less: Cost of Goods Sold $24,800,000 Salary Expense 3,825,000 Bad Debt Expense 1,000,000 Depreciation Expense - Building 300,000 Depreciation Expense - Equipment 800,000 Marketing & Distribution Expenses 1,110,000 Product Tampering Loss 560,000 Administrative Expenses 1.605.000 34,000,000 Income Before Income Tax 6,000,000 Income Tax Expense 1.800,000 Net Income S 4.200.000 Income Tax Expense Adjustment Worksheet Income Before Income Tax From Income Statement $ Impact of Adjustments that Impact Income: Corrected Income Before Income Tax X Tax Rate Correct Income Tax Expense Less Recorded Income Tax Expense Amount of Income Tax Adjustment X $ $ Spice Tree Inc. Income Statement For year ended December 31, 2020 Sales $ 40,000,000 Less: Cost of Goods Sold $24,800,000 Salary Expense 3,825,000 Bad Debt Expense 1,000,000 Depreciation Expense - Building 300,000 Depreciation Expense - Equipment 800,000 Marketing & Distribution Expenses 1,110,000 Product Tampering Loss 560,000 Administrative Expenses 1.605.000 34,000,000 Income Before Income Tax 6,000,000 Income Tax Expense 1.800,000 Net Income S 4.200.000 Income Tax Expense Adjustment Worksheet Income Before Income Tax From Income Statement $ Impact of Adjustments that Impact Income: Corrected Income Before Income Tax X Tax Rate Correct Income Tax Expense Less Recorded Income Tax Expense Amount of Income Tax Adjustment X $ $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
