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Income Statement

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Given the following information, prepare an income statement for year ended December 31.

($000)
Stockholder's equity 500
Accounts payable 150
Cost of goods sold 55
Accumulated depreciation 500
General & administrative expenses 12
Taxes 40%
Preferred stock dividends 5
Interest expense 5
Sales revenue 100
Depreciation expense 10.

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Solution Summary

The solution goes into a great amount of detail regarding the income statement for year ended in December. Step-by-step explanation is provided for each part of the question which makes it very easy to follow along for anyone with just a basic understanding of the concepts. Overall, an excellent response to the question being asked.

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Sales Revenue ......................100
Less: Cost of Goods Sold........55
Gross ...

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