MetaverseTech LTD start-up sold 8672 Virtual Reality devices in 2022 at £155 per device. The production cost of each device was £102, on average. The company owner took a salary of £55,000, while the company employees were paid in total £283,000. The company paid £24,000 in warehouse rent, and £38,000 in office expenses. The company has a £100,000 note at the bank, with 8% interest rate. The company had income tax rate of 28%. Prepare a consolidated income statement of MetaverseTech LTD.

MetaverseTech LTD start-up sold 8672 Virtual Reality devices in 2022 at £155 per device. The production cost of each device was £102, on average. The company owner took a salary of £55,000, while the company employees were paid in total £283,000. The company paid £24,000 in warehouse rent, and £38,000 in office expenses. The company has a £100,000 note at the bank, with 8% interest rate. The company had income tax rate of 28%. Prepare a consolidated income statement of MetaverseTech LTD.

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Description: MetaverseTech LTD start-up sold 8672 Virtual Reality devices in 2022 at £155 per device. The production cost of each device was £102, on average. The company owner took a salary of £55,000, while the company employees were paid in total £283,000. The

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter17: The Management Of Cash And Marketable Securities

Section: Chapter Questions

Problem 2P

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