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3 years ago

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Santos Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,500,000 Operating ex

penses 160,000 Cost of goods sold 960,000 Loss on disposal of equipment 40,000 Santos Corporation is subject to a 30% income tax rate. Prepare a partial income statement, beginning with income from operations.

1 answer:

kirill115 [55]3 years ago

5 0

Answer:

Income from operations 380,000

Loss on sale of equipment <u>40,000</u>

Pretax income 340,000

Tax at 30% <u>102,000</u>

Net Income <u>238,000</u>

Explanation:

1 Santos Corporation

Income statement

For the year ended December 31, 2020

Sales................................ $1,500,000

less: Cost of goods sold <u>$960,000</u>

Gross Profit <u>$540,000</u>

Less: Operating expenses<u> 160,000 </u>

Income from operations <u>380,000</u>

2 Santos Corporation

Income statement

For the year ended December 31, 2020

Income from operations 380,000

Loss on sale of equipment <u>40,000</u>

Pretax income 340,000

Tax at 30% <u>102,000</u>

Net Income <u>238,000</u>

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2 years ago

find the accumulated amount at the end of 9 months on an $800 deposit in a bank paying simple interest at a rate of 6% per year.

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As per the given figure, after calculating the accumulated amount, the figure that has been arrived is $1,232.

<h3>What is the accumulated amount?</h3>

Accumulated value or accumulated amount, both are synonyms. It is used to refer to the cash value. Basically, this means there is an easy way of calculating the accumulated value.

All one has to do is to find the total or the sum of the initial investment and, in that addition, the interest which has been earned till date will be added. Formula for calculating the simple interest is

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3 years ago