Solution-Prepare the income statement for Rule

Prepare the income statement for Rule

Reference no: EM132879677

Problem - Basic Income Statement - The following are selected account balances of Rule Corporation at the end of the current year:

	Debit	Credit
Operating Expenses	$3,800
Sales Revenue		$15,600
Cost of Goods Sold	8,300
Interest Expense	800
Gain on Sale of Land		500

Rule is subject to a 30% income tax rate, and shareholders own 800 shares of its capital stock.

Required - Prepare the income statement for Rule.

Reference no: EM132879677

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Prepare the income statement for Rule

Reference no: EM132879677

Reference no: EM132879677

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