From the following information, prepare an income statement for Notem, Inc., for the year ended December 31, 2003. (HINT: Net income is $119,100.) Assume that there are 10,000 shares of capital stock outstanding.
|
Gross Sales Revenue |
$3,625,000 |
|
Income Taxes |
140,000 |
|
Cost of Goods Sold. |
2,415,000 |
|
Sales Salaries Expense |
410,000 |
|
Rent Expense (Selling) |
16,000 |
|
Payroll Tax Expense (Selling) |
3,100 |
|
Entertainment Expense (Selling). |
2,000 |
|
Miscellaneous Selling Expenses |
7,800 |
|
Miscellaneous General and Administrative Expenses. |
$5,400 |
|
Automobile Expense (Selling) |
$3,500 |
|
Insurance Expense (General and Administrative) |
1,900 |
|
Interest Expense . |
46,000 |
|
Interest Revenue. . |
3,000 |
|
Sales Returns |
$10,000 |
|
Advertising and Promotion Expense |
199,000 |
|
Insurance Expense (Selling |
17,000 |
|
Delivery Expense (Selling) |
3,100 |
|
Office Supplies Expense (General and Administrative). |
8,000 |
|
Utilities Expense (General and Administrative) . |
1/4/1903 |
|
Administrative Salaries Expense |
$180,000 |
|
Fire Loss (net of tax) |
40,000 |