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Category > Accounting Posted 13 Feb 2019 My Price 3.00

Lynn Construction Company had a gross income of $150,000 in tax-year one, $50.000 in salaries

         Lynn Construction Company had a gross income of $150,000 in tax-year one, $50.000 in salaries, $30,000 in wages, $8000 in depreciation expenses, a loan principal payment of $2,000 and a loan interest payment of $2,100 Create an Income Statement and determine the net income of the company in tax-year one Hint Create a category for the Cost of Goods Sold and use Slide 35 of Chapter 8 Presentation to determine the tax bracket INCOME STATEMENT Gross Income 150,000 Expenses: Cost of Goods Sold Depreciation 8,000 Interest Expenses 2,100 Taxable Income Income Tax Net Income 49,925         

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SmartExpert
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Status NEW Posted 13 Feb 2019 06:02 AM My Price 3.00

Ans-----------wer----------- I-----------nco-----------me -----------sta-----------tem-----------ent----------- of----------- Ly-----------nn -----------con-----------str-----------uct-----------ion----------- co-----------mpa-----------ny ----------- Gr-----------oss----------- in-----------com-----------e =----------- $1-----------50,-----------000----------- E-----------xpe-----------nse-----------s :----------- C-----------ost----------- of----------- go-----------ods----------- so-----------ld -----------$80-----------,00-----------0 -----------(Wa-----------ges----------- + -----------sal-----------ari-----------es)----------- D-----------epr-----------eci-----------ati-----------on -----------$8,-----------000-----------

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