What is included in the income tax expense for each year (25%)? And what is the net income for each year CINCOME STATEMENTBACOMPARITIVEfor years ended 31 December*Sales revenue*Interest revenue*Investment Income*Other revenueTotal revenue and gains***Computer (operating)**Depreciation**Interest expenseTotal expenses and lossesIncome before taxesIncome tAST AST BAA 100/2020Revenues and gains277,000 $168,400 $91,875 $91,500 $628,775 $$69 69 69 69 69$$**Cost of goods sold**Selling and admin administrative $$DExpenses and losses55,000 $69 69 69 69 69 69125,000 $53,500 $53,500 $35,000 $322.000 $2021278,385169,24292,33491,958631,91954,863124,68853,36653,36634.913321.195= Employee Department Contacts 2020 QuarterlyRevenueIncor

Note: The amount of Total expenses and losses given in Question is 321,195 but in actually the total…

COMPARITIVE for years ended 31 December INCOME STATEMENT *Sales revenue *Interest revenue *Investment Income *Other revenue Total revenue and gains *** *Computer (operating) **Depreciation **Cost of goods sold **Selling and admin administrative $ **Interest expense Total expenses and losses 2020 Revenues and gains $ 277,000 $ $ 168,400 $ Income before taxes Expenses and losses 55,000 $ 125,000 $ 53,500 $ 53,500 $ 69 69 69 69 $ $ 91,875 $ 91,500 $ 628,775 $ $ 35,000 $ 322,000 $ 2021 278,385 169,242 92,334 91,958 631,919 54,863 124,688 53,366 53,366 34,913 321.195

COMPARITIVE for years ended 31 December INCOME STATEMENT Sales revenue Interest revenue Investment Income Other revenue Total revenue and gains *** *Computer (operating) Depreciation Cost of goods sold Selling and admin administrative $ Interest expense Total expenses and losses 2020 Revenues and gains $ 277,000 $ $ 168,400 $ Income before taxes Expenses and losses 55,000 $ 125,000 $ 53,500 $ 53,500 $ 69 69 69 69 $ $ 91,875 $ 91,500 $ 628,775 $ $ 35,000 $ 322,000 $ 2021 278,385 169,242 92,334 91,958 631,919 54,863 124,688 53,366 53,366 34,913 321.195

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Given: Asset change during year Liability change during year Capital Contribution Dividends Net Income / Net Loss -5 Net Income is: O a. $5 b. $2 C. $4 d. $8 O e. $2 Clear my choice 97282 O O O
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Category Prior Year Current Year Accounts payable ??? ??? Accounts receivable 320,715 397,400 Accruals 40,500 33,750 Additional paid in capital 500,000 541,650 Cash 17,500 47,500 Common Stock 94,000 105,000 COGS 328,500 431,139.00 Current portion long-term debt 33,750 35,000 Depreciation expense 54,000 54,349.00 Interest expense 40,500 41,741.00 Inventories 279,000 288,000 Long-term debt 337,728.00 398,725.00 Net fixed assets 946,535 999,000 Notes payable 148,500 162,000 Operating expenses (excl. depr.) 126,000 162,280.00 Retained earnings 306,000 342,000 Sales 639,000 847,106.00 Taxes 24,750 48,618.00 What is the current year's return on assets (ROA)? (Round to 4 decimal places.)
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INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…