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1 year ago

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

Business

1 answer:

Alla [95]1 year ago

5 0

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

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Explanation:

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3 years ago

What is the difference between a shortage and a scarcity?

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3 years ago

Refer to the following transactions.

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Answer:

1 a) + asset , + preferred stock

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c) + assets , + stockholder's equity

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e) + -Asset

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journal entry

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