Homework Answers
| Magnificent Homes Corporation | ||
| Statement of Net Income | ||
| For the Year Ended December 31, 2018 | ||
| Sales ($520*80/100) | $416 | |
| Less: Cost of Goods Sold ($130*80/100) | ($104) | |
| Gross Profit | $312 | |
| Less: Operating Expenses: | ||
| Selling expenses ($40*80/100) | ($32) | |
| General and Administrative expenses ($120*80/100) | ($96) | |
| Other revenues and expenses | ($60) | |
| Loss on asset impairment | ($30) | |
| Total operating expenses | ($218) | |
| Income before tax | $94 | |
| Less: Income tax expense ($94*40/100) | ($38) | |
| Net Income | $56 | |
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Homework: Ch5 - Additional Exercises Score: 0 of 1 pt 2 of 4 ( E5-8 (similar...
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Outstanding Homes Corporation
Income Statement
For the Year Ended December 31, 2018
Sales
$800
Cost of Goods Sold
(80)
Gross Profit
$720
Selling Expenses
(30)
General and Administrative Expenses
(80)
Other Revenues and Expenses
(65)
Loss on Asset Impairment
(25)
Income Before Tax
$520
Income Tax Expense (at 40%)
(208)
Net Income
$312
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Income Statement
For the Year Ended December 31, 2018
Sales
$800
Cost of Goods Sold
(80)
Gross Profit
$720
Selling Expenses
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(80)
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Loss on Asset Impairment
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