In 2021, Dangerous Dragon, Inc. (a retail clothing company) sold 503,100 units of it product at an average price of $15 per unit. The company reported estimated Returns and allowances in 2021 of 3 percent of gross revenue. Dangerous Dragon actually purchased 550,000 units of its product from its manufacturer in 2021 at an average cost of $12 per unit. Dangerous Dragon began 2021 with 85,000 units of it product in inventory (carried at an average cost of $12 per unit). Operating expenses (excluding depreciation) for Dangerous Dragon, Inc. in 2021 were $1,961,780 and depreciation expense was $212,460. Dangerous Dragon had $10,000,000 in debt outstanding throughout all of 2021. This debt carried an average interest rate of 6 percent. Finally, Dangerous Dragon's tax rate was 40 percent. Dangerous Dragon's fiscal year runs from January 1 through December 31. Given this information, construct Dangerous Dragon's multi-step income statement for 2021. What did Dangerous Dragon, Inc. record as NET INCOME on its 2021 income statement?

In 2021, Dangerous Dragon, Inc. (a retail clothing company) sold 503,100 units of it product at an average price of $15 per unit. The company reported estimated Returns and allowances in 2021 of 3 percent of gross revenue. Dangerous Dragon actually purchased 550,000 units of its product from its manufacturer in 2021 at an average cost of $12 per unit. Dangerous Dragon began 2021 with 85,000 units of it product in inventory (carried at an average cost of $12 per unit). Operating expenses (excluding depreciation) for Dangerous Dragon, Inc. in 2021 were $1,961,780 and depreciation expense was $212,460. Dangerous Dragon had $10,000,000 in debt outstanding throughout all of 2021. This debt carried an average interest rate of 6 percent. Finally, Dangerous Dragon's tax rate was 40 percent. Dangerous Dragon's fiscal year runs from January 1 through December 31. Given this information, construct Dangerous Dragon's multi-step income statement for 2021. What did Dangerous Dragon, Inc. record as NET INCOME on its 2021 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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