Using only the income statement accounts, prepare a proper income statement.

Don't forget to include section captions, properly labeled totals, and subtotals. If you have done this properly, you should have 21 rows. You can use a table or a plain text entry, or you can copy/paste your statement from another program such as Microsoft Word or Excel.

The following information is available from a certain balance sheet and all income statement general ledger accounts for CVB Corporation, a Delaware Corporation, for the year ended December 31, 20XX:

Cost of Goods Sold 600,000	Purchased patents 50,000
Sales Returns 28,000	Sales 1,505,000
Allowance for Doubtful Accounts 60,000	Trademarks 15,000
Sales and marketing expenses 210,000	Accounts Payable 65,000
Engineering Expenses 315,000	Contributed Capital 300,000
G&A Expenses 160,000	Goodwill 150,000
Sales Discounts 20,000	Sales Tax Payable 5,000
Interest Expense 32,000	Tax rate 35%
Loss on disposal of equipment 10,000	Copyrights 30,000
Wages payable 100,000	Losses on division scheduled for closing 100,000 before tax.
	There are 500,000 average common shares outstanding and 100,000 equivalent shares.

Answer rating: 100% (QA)

Sales 1505000 less sales returns 28000 Net Sales 14770... View the full answer