Santos Corporation gathered the following information for the fiscal year ended December 31 2017: $\begin{array}{lr}
\text { Sales } & \$ 1,500,000 \
\text { Operating expenses } & 160,000 \
\text { Cost of goods sold } & 960,000 \
\text { Loss on disposal of equipment } & 40,000
\end{array}$
Santos Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income from operations.

Question

Santos Corporation gathered the following information for the fiscal year ended December 31 2017: $\begin{array}{lr}
\text { Sales } & \$ 1,500,000 \
\text { Operating expenses } & 160,000 \
\text { Cost of goods sold } & 960,000 \
\text { Loss on disposal of equipment } & 40,000
\end{array}$
 Santos Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income from operations.

Quizplus · Accepted Answer

The Answer of Santos Corporation gathered the following information for the fiscal year ended December 31 2017: $\begin{array}{lr}
\text { Sales } & \$ 1,500,000 \
\text { Operating expenses } & 160,000 \
\text { Cost of goods sold } & 960,000 \
\text { Loss on disposal of equipment } & 40,000
\end{array}$
 Santos Corporation is subject to a 30% income tax rate.
Instructions
Prepare a partial income statement beginning with income from operations.

Santos Corporation Gathered the Following Information for the Fiscal Year