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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $29,000; cost of goods sold, $12,000; operating expenses, $6,200; and income tax expense, $4,320. Assume shareholders owned 4,000 shares of Gold finger’s common stock during the year. Prepare Goldfinger’s income statement for the current year.
Prepare income statement for the current year of Corporation G.
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 income statement for the current year of Corporation G.
| Corporation G | |
| Income Statement | |
| For the end of current year | |
| Particulars | Amount |
| Sales revenue | $29,000 |
| Less: Cost of goods sold | $12,000 |
| Gross profit | $17,000 |
| Less: Operating expenses | $6,200 |
| Income before income taxes | $10,800 |
| Less: Income tax expense | $4,320 |
| Net income | $6,480 |
| Earnings per share (4,000 shares) | $1... |
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