<+..+Sheet1FINA310 IP TEMPLATE FOR STUDENTSStudent name:Date:ACTUALFORECASTCurrent YearNext YearTotal Revenue71,879Cost of Revenue(51,125)Gross Profit20,754Operating Expenses:Selling, General, and Administrative(14,248)Research and DevelopmentSpecial Income/Other ChargesS(2,194)Total Operating Expenses(16,442)Operating IncomeS4,312Net Interest Income(666)editePre-Tax Income3,646Provision for Income Tax (19.5%)(711)Net Income2,935

Answered: FINA310 IP TEMPLATE FOR STUDENTS…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

<
+
..
+
Sheet1
FINA310 IP TEMPLATE FOR STUDENTS
Student name:
Date:
ACTUAL
FORECAST
Current Year
Next Year
Total Revenue
71,879
Cost of Revenue
(51,125)
Gross Profit
20,754
Operating Expenses:
Selling, General, and Administrative
(14,248)
Research and Development
Special Income/Other Charges
S
(2,194)
Total Operating Expenses
(16,442)
Operating Income
S
4,312
Net Interest Income
(666)
edite
Pre-Tax Income
3,646
Provision for Income Tax (19.5%)
(711)
Net Income
2,935

Expert Solution

Step 1

An income statement is an important statement in financial statements used to report the financial performance of a company for the specific accounting period. The financial statement includes a balance sheet and a cash flow statement.

The income statement is also known as the profit and loss statement which focuses on revenues and expenses of the company. Net income is the difference between total revenue plus gain and total expenses plus loss.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions