ORION Downloadable eTextbook PRIN ACCT (ACCT 221-222) RCES Exercise S-10 (Part L

Question

ORION Downloadable eTextbook PRIN ACCT (ACCT 221-222) RCES Exercise S-10 (Part Level Submission) In its income statement for the year ended December 31, 2017, Sage Hil Inc. reported the following condensed data Operating expenses768,500 Interest revenue Cost of goods sold 1,331,360 Loss on disposal of plant assets Interest expense 34,980 18,020 2,332,000 8,800 74,200 Net sales 49,820 Other comprehensive income (net of $1,270 tax) tud Income tax expense (a) Prepare an income statement SAGE HILL INC Income Reserved. A All Rights MacBook Air

Explanation / Answer

INCOME STATEMENT

Net sales 2332000 Cost of goods sold (1331360) Gross profit 1000640 operating expense (768500) opearting income 232140 Non-operating or other Interest revenue 34980 Interest expense (74200) loss on disposal of plant assets (18020) (57240) income before tax 174900 income tax (49820) Net income 125080 Other comprehensive income (net of tax) 8800 Comprehensive income $133880

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