Question

The income statements for four consecutive years for Colca Company reflected the following summarized amounts:

Answer 1

CORRECTED INCOME STATEMENTS  

                                              2011 ($) 2012 ($)    2013 ($) 2014 ($)

Sales revenue                 60,000  63,000    65,000 68,000

COGS                                    (39,000)  (41,000)   (46,000) (46,000)

Gross profit                        21,000 22,000    19,000          22,000

Expenses                       (16,000) (17,000)  (17,000)         (19,000)

Pretax Income                5,000  5,000    2,000         3,000

Income Tax Expense (30%) (1,500)  (1,500)    (600)          (900)

Net Income                         3,500  3,500    1,400         2,100

An income statement is a financial statement detailing a company's income and expenses during a reporting period. Also known as the Income Statement (P&L), it is typically produced quarterly or annually. An income statement shows the financial performance of a company over a period of time.

There are four major degrees. (1) Balance Sheet. (2) Income Statement. (3) Cash Flow Statement. (4) Statement of Shareholders' Equity.

Learn more about INCOME STATEMENTS at

brainly.com/question/24498019

#SPJ4