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Prepare the income statement for the year

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Reference no: EM132820796

Question - The Aztec Book Company sold 1,400 finance textbooks to High Tuition College for $84 each in 20XX. These books cost $63 to produce. In addition, Aztec Books spent $2,000 (selling expense) to persuade the college to buy its books. Aztec Books borrowed $50,000 on January 1, 20XX, on which it paid 10 percent interest. Both interest and principal were paid on December 31, 20XX. Aztec Books' tax rate is 20 percent. Amortization expense for the year was $5,000.

a. Prepare the income statement for the year. (Input all answers as positive values.)

b. Did Aztec Books make a profit in 20XX?

Reference no: EM132820796

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