CALCULATORMESSAGE MY INSTR Exercise 5-10 (Part Level Submission) In its income s

Question

CALCULATORMESSAGE MY INSTR Exercise 5-10 (Part Level Submission) In its income statement for the year ended December 31, 2017, Metlock, Inc. reported the following condensed data. Operating expenses 580,000 Interest revenue Cost of goods sold1,004,800 Loss on disposal of plant assets Interest expense Income tax expense37,600 Other comprehensive income (net of $960 tax) $26,400 13,600 1,760,000 6,640 56,000 Net sales (a) Prepare an income statement. METLOCK, INC. Income Statement For the Year Ended December 31, 2017Y 45 49

Explanation / Answer

Oprating Income after interest (A+B+C+D+E)

Sr.no Particulars Amount (in $) A Net Sales 1,760,000 B Interest Revenue 26,400 C Cost of good sold (1,004,800) D Oprating expenses (580,000) E Interest Expenses (56,000) F

Oprating Income after interest (A+B+C+D+E)

145,600 G Other Comprehensive Income ($ 6,640+ $ 960) 7,600 H Loss on Disposal of Plant assets (13,600) I Net Income Before Tax (F + G -I) 139,600 J Income Tax Expenses (37,600) K Net Income After Tax (I -J) $ 102,000

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