Question

the numbers are all wrong, please help fill those in

Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be mailed to shareholders. The following information for the quarter has been compiled: $198.000 44,000 Revenues Cost of goods sold Operating expenses: Fixed Variable $68.000 57,000 125,000 Fixed operating expenses include payments of $59,000 to an advertising firm to promote Branson through various media throughout the year. The income tax rate for Branson's level of operations in the first quarter is 30%, but management estimates the effective rate for the entire year will be 36%. Required: Prepare the income statement to be included in Branson's first quarter interim report. 190.000 BRANSON ELECTRONICS COMPANY Income Statement Revenues Cost of goods sold Gross profit Advertising expense Other operating expenses Income before income taxOS Income tax expense 40,000 150,000 (137503 102 000) 74.250 (26.730)

Answer 1

Correct Answer:

Branson Electronics company
Income statement
Revenues	$           198,000.00
Cost of goods sold	$             44,000.00
Gross profit	$           154,000.00
Advertisement expenses	$           (59,000.00)
other operating expenses	$           (66,000.00)
Income before income taxes	$             29,000.00
Income tax expenses @ 30%	$               8,700.00
Net operating income	$             20,300.00

Branson Electronics company
Income statement
Revenues	$           198,000.00
Cost of goods sold	$             44,000.00
Gross profit	$           154,000.00
Advertisement expenses	$           (59,000.00)
other operating expenses	$           (66,000.00)
Income before income taxes	$             29,000.00
Income tax expenses @ 36%	$             10,440.00
Net operating income	$             18,560.00

End of answer.

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