Prepare a income statement complete with net sales, gross profit, operating income, taxable income, and net income.
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Prepare a income statement complete with net sales, gross profit, operating income, taxable income, and net income.
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Adjusted trial balance data for Sample Company at 12/31/2019 Debits Credits 4 Cash Accounts Receivable Prepaid Expenses 1 Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable, (all due in 3 years) Common Stock, $5 par PIC-in excess of par 3 Retained Earnings Dividends 2 Sales Sales Returns Purchases Purchases Returns Freight-In Selling Expenses Adminstrative Expenses Gain on Sale of Fixed Assets Interest Expense Income Tax expense $ $ 5,000 15,000 1,000 80,000 75,000 2,000 3,000 194,000 1,000 30,000 21,000 $ 10,000 11,000 1,000 10,000 50,000 20,000 26,000 303,000 5,000 2,000 3,000 8,000 438,000 $438,000 Inventory on 12/31/2019 is 90000 Adjusted trial balance data for Sample Company at 12/31/2019 Debits Credits 4 Cash Accounts Receivable Prepaid Expenses 1 Inventory Equipment Accumulated Depreciation Accounts Payable Salaries Payable Notes Payable, (all due in 3 years) Common Stock, $5 par PIC-in excess of par 3 Retained Earnings Dividends 2 Sales Sales Returns Purchases Purchases Returns Freight-In Selling Expenses Adminstrative Expenses Gain on Sale of Fixed Assets Interest Expense Income Tax expense $ $ 5,000 15,000 1,000 80,000 75,000 2,000 3,000 194,000 1,000 30,000 21,000 $ 10,000 11,000 1,000 10,000 50,000 20,000 26,000 303,000 5,000 2,000 3,000 8,000 438,000 $438,000 Inventory on 12/31/2019 is 90000
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Prepare an income statement for the year ended 2019 as foll... 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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