Answer:
Tucker`s
Income Statement for the year end December 31, 2018
Net sales 540,000
Cost of goods sold (210,000)
Gross Profit 330,000
Administrative expenses 90,000
Selling expenses 80,000
Unrealized loss on available-for-sale debt securities 7,000
Interest expense 10,000 (187,000)
Net Income before tax from continuing activities 143,000
Income tax expense at 30% (43,900)
Net Income after tax from continuing activities 99,100
Explanation:
Prepare the Income statement for calculation of net income. Income statement consist of Revenues/ Income and Expenses.
