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lubasha [3.4K]
3 years ago
13

Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has

asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. Pretax income ? 7 Gross profit Allocated costs (uncontrollable) $2,035 Labor expense 41,590 Sales 190,000 310 Research and development (uncontrollable) Depreciation expense 18,000 Net income/(loss) ? Cost of goods sold 119,700 Selling expense 1,260 Total expenses ? Marketing costs (uncontrollable) 790 Administrative expense 680 Income tax expense (21% of pretax income) ?
Other expenses 330
Prepare the income statement using the above information. Round your answers to the nearest dollar.
Business
1 answer:
igor_vitrenko [27]3 years ago
6 0

Answer:

                                                                                              Amount

Sales                                                                                      $190,000  

Less: Cost of goods sold                                              <u>        ($119,700)</u>

Gross profit                                                                            $70,300  

Less: Expenses

Labor expenses                                                                   ($41,590)  

Depreciation Expense                                                         ($18,000)

Selling expense                                                                   ($ 1,260)

Administrative expense                                                          ($680)  

Other expense                                                                          ($330)  

Allocated costs (Uncontrollable)                                           ($2,035)  

Research and development (Uncontrollable)                      ($310)  

Marketing Costs (Uncontrollable)                                           ($790)

Total Expenses                                                                 <u>    ($64,995) </u>

Pretax Income                                                                         $5,305

Less Income Tax Expense                                              <u>      ($ 1,114)   </u>

Net Income                                                                       <u>      $4,191    </u>                                                                

Income tax expense = 21% * 5,305

= $1,114

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