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Zina [86]
2 years ago
13

Income Statement Wayne Corporation had the following revenue and expense account balances (in millions) for a recent year ending

May 31:
Depreciation Expense $925
Fuel Expense 3,228
Maintenance and Repairs Expense 1,573
Other Expense 4,995
Provision for Income Taxes 805
Purchased Transportation 1,203
Rentals and Landing Fees 1,748
Revenues 24,698
Salaries and Employee Benefits 8,815
Prepare an income statement.
Business
1 answer:
stiv31 [10]2 years ago
5 0

Answer:

                                       Income Statement

Revenue                                                                 $24,698

Expenses

Salaries and employee benefits      $8,815

Purchased Transportation                $1,203

Fuel Expense                                     $3,228

Rental and landing fees                     $1,748

Depreciation Expense                       $925

Maintenance and repairs expense   $1,573

Provision for income taxes                $805

Other expense (revenue) net            <u>$4,995</u>

Total Expenses                                                        <u>$23,292</u>

Net Income                                                               <u>$1,406</u>

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present worth = $7380

Explanation:

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geometric gradient = 2%

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present worth = initial cash flow  × \frac{1-(\frac{1+g}{1+i})^t}{1-g}    ......................1

put here value and we get

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