Storme Imports Company (SIC) Tax Rate COMPARITIVE INCOME STATEMENT 30% for years ended 31 December 2018 2019 $ Sales revenue 1,420,000 Interest revenue 511,500 Investment Income 52,500 Other revenue 89,500 Discuss with CEO and Consulting Team 2,073,500 Expenses and losses Cost of goods sold 460,000 Selling and admin administrative 195,000 *Computer (operating) Depreciation 55,000 **Interest expense 25,200 Total expenses and losses 735,200 Income before taxes 1,338,300 Income tax expense (30%) 401,490 Net Income 936,810 1. Complete the formulas in cells provided for revenues* for 2019. 2019 revenues have increased by ¾ % over 2018 2. Using the correct function or formula calculate the total revenue and gains in the cells provided. Insert the comment, “Discuss with CEO and Consulting Team” in the cell containing the words “Total revenues and gains”. 3. Complete the formulas in cells provided for expenses for 2019. 2019 expenses have increased by ¼% over 2018 values with the exception of computer expenses* which should be used from the “Green Savings” worksheet. 4.Using the correct function or formula calculate the total expenses and losses in the cells provided.

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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Storme Imports Company (SIC)	Tax Rate
COMPARITIVE INCOME STATEMENT	30%
for years ended 31 December
			2018	2019

			$
*Sales revenue		1,420,000
*Interest revenue		511,500
*Investment Income	52,500
*Other revenue		89,500
Discuss with CEO and Consulting Team	2,073,500

Expenses and losses
**Cost of goods sold	460,000
**Selling and admin administrative	195,000
***Computer (operating)
**Depreciation		55,000
**Interest expense		25,200
Total expenses and losses	735,200
Income before taxes		1,338,300
Income tax expense (30%)	401,490
Net Income		936,810

1. Complete the formulas in cells provided for revenues* for 2019. 2019 revenues have increased by ¾ % over 2018

2. Using the correct function or formula calculate the total revenue and gains in the cells provided. Insert the comment, “Discuss with CEO and Consulting Team” in the cell containing the words “Total revenues and gains”.

3. Complete the formulas in cells provided for expenses for 2019. 2019 expenses** have increased by ¼% over 2018 values with the exception of computer expenses*** which should be used from the “Green Savings” worksheet.

4.Using the correct function or formula calculate the total expenses and losses in the cells provided.

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