d. Using the “Income Statement” worksheet, center the financial statement titlesacross the data below and bold and italicize the company name. e. Complete the formulas in cells provided for revenues* for 2021. 2021 revenues haveIncreased by 1/2% over 2020 values. f. Complete the formulas in cells provided for expenses for 2021. 2021 expenses have decreasedby 1/4% over 2020 values g. Using the correct function or formula calculate the total expenses and losses in the cellsprovided. KPT EnterprisesCOMPARITIVE INCOME STATEMENTfor years ended 31 DecemberRevenues and gains*Sales revenue*Interest revenue*Investment Income*Other revenueTotal revenue and gainsExpenses and losses**Cost of goods sold**Selling and admin administrative***Computer (operating)**Depreciation**Interest expenseTotal expenses and lossesIncome before taxesIncome tax expense (25%)Net Income202055,000125,00053,50053,50035,0002021Tax Rate25% KPT EnterprisesQuarterly Schedule of RevenueFor the year December 31, 2020QTR1 QTR2 QTR3Sales35000125000Interest11400 75000Investment 18475 14900- Other15000 22000Total79,875 236,9001QTR4202052000 65000277000100007200016840016500420009187514500400009150093,000 219,000 628,775

Income Statement The Purpose of preparing the income statement which is provide the details of net…

Answered: d. Using the “Income Statement”…

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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d. Using the “Income Statement” worksheet, center the financial statement titles
across the data below and bold and italicize the company name.
e. Complete the formulas in cells provided for revenues* for 2021. 2021 revenues have
Increased by 1/2% over 2020 values.
f. Complete the formulas in cells provided for expenses for 2021. 2021 expenses have decreased
by 1/4% over 2020 values
g. Using the correct function or formula calculate the total expenses and losses in the cells
provided.

KPT Enterprises
COMPARITIVE INCOME STATEMENT
for years ended 31 December
Revenues and gains
*Sales revenue
*Interest revenue
*Investment Income
*Other revenue
Total revenue and gains
Expenses and losses
**Cost of goods sold
**Selling and admin administrative
***Computer (operating)
**Depreciation
**Interest expense
Total expenses and losses
Income before taxes
Income tax expense (25%)
Net Income
2020
55,000
125,000
53,500
53,500
35,000
2021
Tax Rate
25%

KPT Enterprises
Quarterly Schedule of Revenue
For the year December 31, 2020
QTR1 QTR2 QTR3
Sales
35000
125000
Interest
11400 75000
Investment 18475 14900
- Other
15000 22000
Total
79,875 236,900
1
QTR4
2020
52000 65000
277000
10000
72000
168400
16500
42000
91875
14500
40000
91500
93,000 219,000 628,775

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