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Sagot :
Answer:
Zanadu Co.
Multiple-step Income Statement for the year ended June 30
Sales Revenue $534,440
Cost of goods sold 181,440
Gross profit $353,000
Rent revenue 1,500
Administrative expenses 28,750
Selling expenses 65,000
Total operating expenses (93,750)
Operating income $260,750
Interest expense (3,600)
Income before taxes $257,150
Income taxes (30%) (77,145)
Net income $180,005
Explanation:
a) Data and Calculations:
Administrative expenses $28,750
Cost of goods sold 181,440
Interest expense 3,600
Rent revenue 1,500
Sales 534,440
Selling expenses 65,000
b) A 30% income tax has been assumed for this question.
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