Prepare a completed income statement in proper format, Accounting Basics

Prepare a completed income statement in proper format

1) The information below was obtained from the records of the Thompson Corporation for the year ending December 31, 2013

Sales Revenue $500,000

Gross Profit $300,000

Salary Expenses $50,000

Supplies Expense $30,000

Rent Expense $65,000

Maintenance Expense ?

Pre-Tax Income $130,000

Income Tax Rate 30%

Prepare a completed Income Statement in proper format (showing both gross profit and income from operation calculations) for the year ending December 31, 2013. Please report the gross profit percentage as well.

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Accounting Basics: Prepare a completed income statement in proper format

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Accounting Basics: Prepare a completed income statement in proper format

Reference No:- TGS0681211

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Discuss how you would exchange data with external data

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Prepare a completed income statement in proper format

Reference No:- TGS0681211

Recent Questions Asked Accounting Basics

Q : Discuss how you would exchange data with external data

Q : How is gross profit computed

Q : Hypotheses for the non-parametric test problem

Q : What is the growth rate to support for net income

Q : Prepare a completed income statement in proper format

Q : Determining the number on the second die

Q : Explain the deferred tax amount

Q : Probability that there are enough seats for the passengers

Q : Gammell uses straight-line amortization

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