ANSWERS YOU CAN COPY AND PASTE!! DO NOT RESPOND IF THE ANSWER IS NOT COPIED AND

Question

ANSWERS YOU CAN COPY AND PASTE!! DO NOT RESPOND IF THE ANSWER IS NOT COPIED AND PASTE!! (TCO C) SolarPower Inc. had the following transactions during 2105. Sales revenue $30,000 Equipment rental revenue 840 Cost of sales 12,375 Selling and administrative expenses 6,540 Interest expense 1,120 Gain on sale of old machinery 420 Unrealized gain on available for sale securities 312 ONLY ANSWERS YOU CAN COPY AND PASTE!! DO NOT RESPOND IF THE ANSWER IS NOT COPIED AND PASTE!! (A) Prepare a multi-step income statement of SolarPower Inc. assuming income tax rate applicable to Solar Power is 30%. (B) Compute comprehensive income.

Explanation / Answer

(A) Prepare a multi-step income statement of SolarPower Inc. assuming income tax rate applicable to Solar Power is 30%

(B) Compute comprehensive income.

Sales revenue 30000 Less: Cost of sales (12375) Gross profit 17625 Less: Selling and administrative expenses (6540) Operating income 11085 Add: Other revenue and gains Gain on sale of old machinery 420 Equipment rental revenue 840 Less: Other expense and losses Interest expense (1120) 140 Income before tax 11225 Less Income tax (3367.50) Net income 7857.50

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