Question

Find the missing data. CINNAMON AND SPICE, INC. Income Statement For the Year Ended December 31, Year 3 Revenues Sales Revenue $ 3,000,000 Service Revenue 810,200 Total Revenues Unknown Expenses Salaries and Wages Expense 1,314,900 Advertising and Promotion Expenses 482,200 Other Selling and Administrative Expenses Unknown Interest Expense 225,600 Income Tax Expense 117,700 Other Expenses 253,700 Total Expenses 3,445,600 Net Income Unknown Multiple Choice Total revenues are $3,810,200, other selling and administrative expenses are $1,051,500, and net income is $364,600. Total revenues are $2,495,300, other selling and administrative expenses are $1,051,500, and net income is ($950,300). Total revenues are $3,810,200, other selling and administrative expenses are $364,600, and net income is $7,255,800. Total revenues are $364,600, other selling and administrative expenses are $3,081,000, and net income is $7,255,800.

Answer 1

Answer:

Total revenues are $3,810,200, other selling and administrative expenses are $1,051,500, and net income is $364,600.

Explanation:

The sum of both revenues will be the total revenue.

Revenues Sales Revenue $ 3,000,000

Service Revenue                      810,200  

Total Revenues                     3,810,200

From the total expenses, we subtract all the know expenses to get S&A expenses:

Total Expenses                                        3,445,600

Expenses Salaries and Wages Expense (1,314,900)

Advertising and Promotion Expenses      (482,200)

Interest Expense                                        (225,600)

Other Expenses                                          (253,700)

Income Tax Expense                                   (117,700)  

Other Selling and Administrative               1,051,500

Net income will be total revenues less total expenses:

3,810,200 - 3,445,600 = 364,600