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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Basic Income Statement The following are selected account balances of Rule Corporation at the end of the current year:
Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock.
Required:
Prepare the income statement for Rule.
Prepare the income statement for Company R.
Income statement: The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.
Prepare the income statement for Company R:
| Company R | ||
| Income statement | ||
| For the year ended December 31, Current year | ||
| Particulars | $ | $ |
| Sales revenue | Â | 15,600 |
| Less: Cost of goods sold | Â | (8,300) |
| Â Â Â Â Gross profit | Â | 7,300 |
| Less: Operating expense | Â | (3,800) |
| Â Â Â Â Income from operations | Â | 3,500 |
| Other items: | Â | Â |
| Â Â Â Â Less: Interest expense | (800) | Â |
| Â Â Â Â Add: Gain on sale of land | ||
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