Briefly described the comparative income statement for KPT Enterprises KPT EnterprisesCOMPARITIVE INCOME STATEMENTfor years ended 31 December2020Revenues and gains*Sales revenue*Interest revenue*Investment IncomeB*Other revenueTotal revenue and gainsExpenses and losses**Cost of goods sold**Selling and admin administrative5 ***Computer (operating)**Depreciation**Interest expenseTotal expenses and lossesIncome before taxesIncome tax expense (25%)1 Net Income2$277,000$168,400$91,875$91,500$628,775$55,000$125,000$53,500$53,500$35,000$322,000$306,775$76,694$230,0812021$278,385$169,242$92,334$91,958$631,919$54,863$124,688$53,366$53,366$34,913$321,195$310,724$77,681$233,043Tax Rate25%

The comparative income statement is described as that statement in which the operating results for a…

KPT Enterprises COMPARITIVE INCOME STATEMENT for years ended 31 December 2020 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 $277,000 $168,400 $91,875 $91,500 $628,775 $55,000 $125,000 $53,500 $53,500 $35,000 $322,000 $306,775 $76,694 $230,081 2021 $278,385 $169,242 $92,334 $91,958 $631,919 $54,863 $124,688 $53,366 $53,366 $34,913 $321,195 $310,724 $77,681 $233,043 Tax Rate 25%

KPT Enterprises COMPARITIVE INCOME STATEMENT for years ended 31 December 2020 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 $277,000 $168,400 $91,875 $91,500 $628,775 $55,000 $125,000 $53,500 $53,500 $35,000 $322,000 $306,775 $76,694 $230,081 2021 $278,385 $169,242 $92,334 $91,958 $631,919 $54,863 $124,688 $53,366 $53,366 $34,913 $321,195 $310,724 $77,681 $233,043 Tax Rate 25%

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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Question

Briefly described the comparative income statement for KPT Enterprises

KPT Enterprises
COMPARITIVE INCOME STATEMENT
for years ended 31 December
2020
Revenues and gains
*Sales revenue
*Interest revenue
*Investment Income
B
*Other revenue
Total revenue and gains
Expenses and losses
**Cost of goods sold
**Selling and admin administrative
5 ***Computer (operating)
**Depreciation
**Interest expense
Total expenses and losses
Income before taxes
Income tax expense (25%)
1 Net Income
2
$277,000
$168,400
$91,875
$91,500
$628,775
$55,000
$125,000
$53,500
$53,500
$35,000
$322,000
$306,775
$76,694
$230,081
2021
$278,385
$169,242
$92,334
$91,958
$631,919
$54,863
$124,688
$53,366
$53,366
$34,913
$321,195
$310,724
$77,681
$233,043
Tax Rate
25%

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