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CaHeK987 [17]
3 years ago
8

The following information is available for Splish Brothers Corp. for the year ended December 31, 2022. Other revenues and gains

$21,800 Other expenses and losses 3,200 Cost of goods sold 283,000 Sales discounts 3,200 Sales revenue 747,000 Operating expenses 210,000 Sales returns and allowances 9,000 Prepare a multiple-step income statement for Splish Brothers Corp. The company has a tax rate of 25%.
Business
1 answer:
Readme [11.4K]3 years ago
4 0

Answer:

Net Income    <u>  195,300</u>

Explanation:

The question is to prepare a  multi-step income statement

Splish Brothres Corp

Income Statement for the year ended December 31, 2022

Particulars/Description                               Amount ($)                    Amount ($)

Sales Calculation                                      

Sales Revenue                                                                                   747,000

Subtract:

Sales Returns                                               9,000

Sales discounts                                            3,200                            (12,200)

Net Sales                                                                                             734,800

Cost of Goods sold                                                                             (283,000)

Gross Profit                                                                                          451,800

Operating Expenses                                                                           (210,000)

Operational Income                                                                             241,800

Other gains and revenue                         21,800

Other Expenses and losses                      (3,200)                                 18,600

Income before Income Taxes                                                              260,400

Income tax expense (25% x 260,400)                                              <u>   (65,100)</u>

Net Income                                                                                        <u>   195,300</u>

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