Reference no: EM132470995
ADVERTISING EXPENSE $ 100,000
INSURANCE EXPENSE $ 100,000
OPERATING EXPENSES- OTHER $ 75,000
PURCHASES $ 50,000
REVENUES $ 1,000,000
SALARIES AND WAGES $250,000
Other Information:
Point 1: Inventory at the beginning of the year was $ 50,000 and at the end of the year was $ 40,000.
Point 2: Accrued wages of $ 5,000 have not been included in the above balances.
Point 3: Payroll taxes are 25% of Salaries and Wages.
Point 4: Total Fixed Assets equal $ 3,000,000 which breaks down as follows: Land- $750,000; Building and Equipment- $2,000,000; and Furniture- $250,000.
Point 5: For depreciation purposes, the XYZ Company uses the straight-line method. The depreciable assets have a useful life of 10 years and no residual value.
Point 6: XYZ has a long-term note of $ 1,000,000 and pays an interest rate of 10%.
Point 7: Rent is calculated as 1% of gross profit plus $500 per month.
Point 8: The XYZ pays income taxes at a rate of 25%.
REQUIRED
Question 1: Prepare a detailed income statement.
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