For Glad Rags Shops,the following information is available for the year ended December 31,2010:
$$\begin{array} { l r }
\text { Sales revenue } & \$ 4,200,000 \
\text { Cost of goods sold } & 2,650,000 \
\text { Salaries expense } & 500,000 \
\text { Rent expense } & 300,000 \
\text { Administrative expense } & 250,000
\end{array}$$ Dividends declared 10,000
The income tax rate is 30%.
Requirements:
Prepare an income statement for Glad Rags Shops.

Question

For Glad Rags Shops,the following information is available for the year ended December 31,2010:
 $$\begin{array} { l r } 
\text { Sales revenue } & \$ 4,200,000 \
\text { Cost of goods sold } & 2,650,000 \
\text { Salaries expense } & 500,000 \
\text { Rent expense } & 300,000 \
\text { Administrative expense } & 250,000
\end{array}$$ Dividends declared 10,000
The income tax rate is 30%.
Requirements:
Prepare an income statement for Glad Rags Shops.

Quizplus · Accepted Answer

The Answer of For Glad Rags Shops,the following information is available for the year ended December 31,2010:
 $$\begin{array} { l r } 
\text { Sales revenue } & \$ 4,200,000 \
\text { Cost of goods sold } & 2,650,000 \
\text { Salaries expense } & 500,000 \
\text { Rent expense } & 300,000 \
\text { Administrative expense } & 250,000
\end{array}$$ Dividends declared 10,000
The income tax rate is 30%.
Requirements:
Prepare an income statement for Glad Rags Shops.

For Glad Rags Shops,the Following Information Is Available for the Year