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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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