Question 2:The Statement of IncomeAt the end of December 31, 2012, Cougar Inc.'s accounts are as follows:Office salaries$30.0003,000Finance costsDepreciation (administration)2,000Cost of sales300,00035,000Income tax expenseSales salaries40,0006,000520,00010,0003,000Interest incomeGross revenueAdvertisingLease (administration)Promotional expenses2,00020,0003,0005,000Sales discountsTravel expensesRental chargesQuestionPrepare Cougar's statement of income for the year ended December 31, 2012.

Statement of Income is a financial statement which shows all income and expenses of business for the…

Question 2: The Statement of Income At the end of December 31, 2012, Cougar Inc.'s accounts are as follows: Office salaries $30,000 3,000 2,000 Finance costs Depreciation (administration) Cost of sales 300,000 35,000 40,000 6,000 520,000 10,000 3,000 Income tax expense Sales salaries Interest income Gross revenue Advertising Lease (administration) Promotional expenses 2,000 20,000 3,000 Sales discounts Travel expenses Rental charges 5,000 Question Prepare Cougar's statement of income for the year ended December 31, 2012.

Question 2: The Statement of Income At the end of December 31, 2012, Cougar Inc.'s accounts are as follows: Office salaries $30,000 3,000 2,000 Finance costs Depreciation (administration) Cost of sales 300,000 35,000 40,000 6,000 520,000 10,000 3,000 Income tax expense Sales salaries Interest income Gross revenue Advertising Lease (administration) Promotional expenses 2,000 20,000 3,000 Sales discounts Travel expenses Rental charges 5,000 Question Prepare Cougar's statement of income for the year ended December 31, 2012.

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 14.1EX: Vertical analysis of income statement Revenue and expense data for Innovation Quarter Inc. for two...

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