Complete the income statement of LALABS Corporation. Amount of some items and common size percentage are given. Round off your answers into two decimal places. LALABS CORPORATIONINCOME STATEMENTFOR THE YEAR ENDED DEC 31, 2019Common SizePercentagesSales11)19)Less: Cost of Goods Sold2,100,00020)Gross Profit1,400,00021)Less: Selling Expenses12)5%Administrative Expenses13)8%Total Operating Expenses14)13%Operating Income945,00022)Less: Interest Expense15)1.20%Net Income before Taxes16)23)Less: Income Tax17)24)Net Income after Taxes18)25)

Under common size income statement, sales are taken as a base figure to compute common size…

Answered: mplete the income statement of LALABS…

mplete the income statement of LALABS Corporation. Amount of some items and common size percentage are given. Round off your answers into two decimal places.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…
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