Income statement information for Martinez Tire Repair Corporation for the year 2020 follows: General and administrative expenses: Salaries and wages expense Depreciation expense-building Office supplies expense Inventory (ending) Loss from flood damage Gain on the disposal of equipment Purchases Sales revenue Interest expense $36,400 28,600 9,800 139,000 54,000 5,700 590,000 950,000 8,200 Freight in Purchase discounts Dividend revenue Inventory (beginning) Sales returns and allowances Service expenses: Salaries and wages Depreciation expense-garage equipment Garage supplies expense The effective tax rate on all income is 35%, and Martinez follows ASPE $15,000 11,000 22,000 118.000 14.000 3,000 16,400 8.200
Income statement information for Martinez Tire Repair Corporation for the year 2020 follows: General and administrative expenses: Salaries and wages expense Depreciation expense-building Office supplies expense Inventory (ending) Loss from flood damage Gain on the disposal of equipment Purchases Sales revenue Interest expense $36,400 28,600 9,800 139,000 54,000 5,700 590,000 950,000 8,200 Freight in Purchase discounts Dividend revenue Inventory (beginning) Sales returns and allowances Service expenses: Salaries and wages Depreciation expense-garage equipment Garage supplies expense The effective tax rate on all income is 35%, and Martinez follows ASPE $15,000 11,000 22,000 118.000 14.000 3,000 16,400 8.200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Income statement information for Martinez Tire Repair Corporation for the year 2020 follows:
General and administrative expenses:
Salaries and wages expense
Depreciation expense-building
Office supplies expense
Inventory (ending)
Loss from flood damage
Gain on the disposal of equipment
Purchases
Sales revenue
Interest expense
$36,400
28,600
9,800
139,000
54,000
5,700
590,000
950,000
8,200
Freight in
Purchase discounts
Dividend revenue
Inventory (beginning)
Sales returns and allowances
Service expenses:
Salaries and wages
Depreciation expense-garage equipment
Garage supplies expense
The effective tax rate on all income is 35%, and Martinez follows ASPE.
$15,000
11,000
22,000
118,000
14,000
3,000
16,400
8,200
Transcribed Image Text:Prepare a multiple-step income statement for 2020, showing expenses by function. (List service expenses before administration
expenses. List Other Revenues and Gains before Other Expenses and Losses)
Martinez Tire Repair Corporation
Income Statement
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