Answer:
Coronado Corporation
Income statement for the year 2020
$ $
Net Sales 2,409,000
Interest Revenue <u>35,100 </u>
Total income 2,409,000
Cost of goods sold <u>(1,452,700)</u>
Gross Income 956,300
Operating Expense
Administrative expenses 215,700
Selling expenses <u>287,700</u>
Total Operating Expenses (<u>503,400)</u>
Operating Income 452,900
Interest expense <u> (49,800)</u>
Income before Tax 403,100
Tax rate 30% <u> 120,930</u>
Net Income <u>282,170</u>
Explanation:
Sales and Interest revenue are from the revenue section and totalling them we get total income. After deducting cost of goods sold we have gross income. From here we will subtract operating expenses from gross income to reach at operating income. after deducting interest and tax expenses we can have net income for the year.
