Accounting Assignment | Buy Homework Help
Complete the requirements of E22-10 using the direct method. In E22-10 Star land Corporation provided the following comparative balance sheets and income statement.
Star land Corporation Income Statement For the Year Ended December 31 Current Year Sales……………………………………………. $ 1,875,050 Cost of Goods Sold……………………………… 1,125,030 Gross Profit……………………………………… $ 750,020 Selling, General, and Administrative Expenses…. $ 205,000 Bad Debt Expense……………………………….. 4,394 Depreciation Expense……………………………. 39,525 Total Operating Expenses………………………… $ 248,919 Income before Interest and Taxes………………… $ 501,101 Loss on Disposal of Equipment………………….. $ (50,000) Interest Expense…………………………………… (12,500) Income before Tax………………………………… $ 438,601 Income Tax Expense………………………………. (175,440) Net Income………………………………………… $ 263,161. Get Accounting Help Today
