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Income Statement

To report the operating results for the year 2012, ABC Co. Ltd publishes the following financial statement. In that year, its interest income is exempt from income tax and the rate of income tax expense is 30%.

 

 

ABC Co. Ltd

Consolidated Income Statement

For the Years Ended Dec. 31, 2012

In millions of dollars

Revenue

 

 

Sales

10,500

 

Less: Sales Discounts

500

 

Net Sales

10,000

 

Cost of Goods Sold

 

 

    Inventory, Jan.1

6,000

 

    Purchases

600

 

    Less: Purchase Returns and Allowances

100

 

    Net Purchas

500

 

    Add: Transportation-in

500

 

    Cost of Goods Purchased

1,000

 

    Cost of Goods Available for Sale

7,000

 

    Inventory, Dec.31

2,000

 

    Cost of Goods Sold

5,000

 

Gross Profit on Sales

 

5,000

Operating Expenses:

 

 

    Selling Expenses

 

 

        Sales Salaries

500

 

        Advertising Expense

200

 

        Depreciation of Sales Department

100

 

        Freight and Transportation-out

200

 

        Total Selling Expenses

1,000

 

    General & Administrative Expenses

 

 

        Office Salaries

1,000

 

        Depreciation of Office Equipment

500

 

        Miscellaneous Office Expenses

500

 

        Total General & Administrative Expenses

2,000

 

    Total Operating Expenses

3,000

 

Income from Operations

 

2,000

Other Revenues and Gains

 

 

    Interest Income

1,000

 

    Rent Revenue

1,000

 

Other Expenses and Losses:

 

 

Income Tax Expense

900

 

Net Income

 

3,100

 

 

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