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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Metaverse Tech 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.
Transcribed Image Text:Metaverse Tech 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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