On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has...

 

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On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $30,400 and provided $281,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $212,400 of delivery service revenue. d. Paid $15,400 cash to rent packing equipment, with $10,400 for rental in 2022 and the remaining amount for rental in 2023. e. Spent $4,400 cash to repair delivery equipment during the year. f. Bought packing supplies at a total cost of $46,400 and paid for $25,400 of these supplies. There were $20,400 of these supplies that have not yet been sold or used. g. Paid employees $80,400 during the year. h. Paid $16,400 for advertising for the year. i. Used $14,400 in fuel for the delivery equipment. j. Sold investments for $8,400 that had been purchased earlier in the year for $7,400. k. Ordered $500 in spare parts and supplies. 1. Income tax expense for the year is $18,400. Required: Prepare an income statement for Pack-and-Deliver Company for the year ended December 31, 2022. On December 31, 2022 Pack-and-Deliver Company completed its first year of operations. The following information has been provided for the year: a. Sold packing supplies for $30,400 and provided $281,000 of delivery services. b. All packing supplies sales were for cash. c. Collected $212,400 of delivery service revenue. d. Paid $15,400 cash to rent packing equipment, with $10,400 for rental in 2022 and the remaining amount for rental in 2023. e. Spent $4,400 cash to repair delivery equipment during the year. f. Bought packing supplies at a total cost of $46,400 and paid for $25,400 of these supplies. There were $20,400 of these supplies that have not yet been sold or used. g. Paid employees $80,400 during the year. h. Paid $16,400 for advertising for the year. i. Used $14,400 in fuel for the delivery equipment. j. Sold investments for $8,400 that had been purchased earlier in the year for $7,400. k. Ordered $500 in spare parts and supplies. 1. Income tax expense for the year is $18,400. Required: Prepare an income statement for Pack-and-Deliver Company for the year ended December 31, 2022.

Answer rating: 100% (QA)

Based on the information provided the income statement for PackandDeliver Company for the year ended ... View the full answer