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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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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.

To determine

Prepare income statement for the current year of Corporation G.

Explanation

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
ParticularsAmount
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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