Prepare Income Statement using :

Data for BVC, Inc. Income Statement
Year runs January 1, 2018 through December 31, 2018
Not all of these accounts relate to Income Statement
Sales and marketing expense	175,000
Cost of goods sold	500,000
Property and equipment	975,000
Provision for income taxes	35% tax rate
Prepaid insurance	6,800
Shares outstanding beginning of period	700,000
Sales returns	20,000
Accounts receivable	412,000
Equivalent shares	75,000
General and administrative expense	110,000
Gross Revenues	1,250,000
Interest expense	28,000
Research and development expense	225,000
Loss on disposal of segment (pre-tax)	50,000
Accounts payable	261,000
Shares outstanding end of period	800,000
Loss on sale of investments	5,000
Goodwill	49,000
Cash	414,000
Sales discounts	5,000
Average Shares Outstanding	750,000

Answer rating: 100% (QA)

Sales expenses fall under sales and mark... View the full answer