Question

The information below relates to the operations of Wildhorse Corporation for the year ended December 31,...

The information below relates to the operations of Wildhorse Corporation for the year ended December 31, 2017.

Cost of goods sold $349,000
Interest expense 2,490
Sales returns & allowances 9,170
Accounts Payable 120,278
Sales discounts 3,992
Depreciation expense 284,520
Sales Revenue 982,396
Salaries & Wages 163,652
Prepaid expenses 3,430
Rent expense 39,300
Loss-due to fire 8,398
Rental revenue 25,900


Additional information:

•

The effective tax rate is 40%.

how would i answer this

answer: wildhorse corporation

income stattement

for year ended december 31,2017

revenues
$
$
expenses
$
Business   Accounting   
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Answer #1

Income Statement for the year ended 31st December 2017:

Amount ($)
Sales Revenue 982396
Less: Sales Returns & Allowances -9170
Less: Sales Discounts -3992
Net Sales Revenue 969234
Less: Cost of Goods Sold 349000
Gross Profit 620234
Rent Revenue 25900
646134
Less:
Operating Expenses
Interest Expense 2490
Depreciation Expense 284520
Salaries & Wages 163652
Rent Expense 39300
Loss due to fire 8398
Total Operating Expenses 498360
Net Operating Income before taxes 147774
Less: Taxes (40%)` 59109.6
Net Operating Income after taxes 88664.4
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