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23 April, 23:15

Use the following Year 3 dа ta:

Other Selling and Administrative Expenses $ 1,051,000

Other Expenses 248,300

Sales Revenue 4,886,000

Advertising and Promotion Expenses 552,850

Salaries and Wages Expense 2,525,800

Income Tax Expense 166,850

Interest Expense 114,250

Prepare the annual income statement for Kvass, Inc.

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  1. 23 April, 23:42
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    The preparation of the year 3 annual income statement for Kvass, Inc. is presented below:

    Kvass, Inc.

    Income statement

    For the following year 3

    Revenue

    Sales Revenue $4,886,000

    Total revenues $4,886,000 (A)

    Less: Expenses

    Other Selling and Administrative Expenses $1,051,000

    Other Expenses $248,300

    Advertising and Promotion Expenses $552,850

    Salaries and Wages Expense $2,525,800

    Income Tax Expense $166,850

    Interest Expense $114,250

    Total expenses $4659,050 (B)

    Net income $226,950 (A - B)
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