2. The data below are for HKUST Company. Sales Rent, depreciation, and other operating expenses Prepaid Rent Expense Long-term debt Inventory Interest expense Income tax expense Net income Equipment Cost of goods sold Cash Account receivable Accounts payable 13,000 1,100 4,500 30,000 3,500 1,700 ? 5,258 6,000 4,000 120 1,600 750 Prepare HKUST's Income statement. What is HKUST's income tax rate?

2. The data below are for HKUST Company. Sales Rent, depreciation, and other operating expenses Prepaid Rent Expense Long-term debt Inventory Interest expense Income tax expense Net income Equipment Cost of goods sold Cash Account receivable Accounts payable 13,000 1,100 4,500 30,000 3,500 1,700 ? 5,258 6,000 4,000 120 1,600 750 Prepare HKUST's Income statement. What is HKUST's income tax rate?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
Income statement With formula.
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Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Click on the following icon in order to copy its contents into a spreadsheet.) Sales Cost of goods sold General and administrative expense Depreciation expense Interest expense Income taxes Complete the income statement below. (Round to the nearest dollar. NOTE: You may input expense acc as negative values.) Income Statement Gross profits Total operating expenses Operating income (EBIT) Earnings before taxes Net income $525,863 199,246 60,236 8,305 11,860 98,486 $ SS
Ee 106.
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