Using functions , complete the “Aggregated Data” worksheet using the “Statementof Income” worksheet. Financial Aggregated Data20192020Average RevenueLargest ExpensesLowest RevenuesSmallest Expenses# of Expense components# of Revenue components Living Large FinanceCOMPARITIVE INCOME STATEMENTfor years ended 31 December20192020Revenues and gains*Sales revenue$516,500 $278,500 $77,900 $101,500 $974,400 $903,875487,375136,325177,625*Interest revenue$*Investment Income$*Other revenue$Total revenue and gains$1,705,200Expenses and losses**Cost of goods sold**Selling and admin administrative $***Computer (operating)**Depreciation**Interest expense$475,000 $175,000 $712,500262,50064,05076,50045,6001,161,150544,050$42,700 $51,000 $30,400 $774,100 $$$Total expenses and lossesIncome before taxesIncome tax expense (30%)2$200,300 $60,090 $140,210 $$163,215Net Income$380,835

Functions in excel are of great importance as it minimizes the required efforts which are to be put…

COMPARITIVE INCOME STATEMENT for years ended 31 December 2019 2020 Revenues and gains *Sales revenue $ 516,500 $ 278,500 $ 77,900 $ 101,500 $ 974,400 $ 1,705,200 903,875 487,375 136,325 177,625 "Interest revenue "Investment Income $ $ "Other revenue $ Total revenue and gains $ Expenses and losses *"Cost of goods sold **Selling and admin administrative $ ***Computer (operating) *"Depreciation *"Interest expense Total expenses and losses Income before taxes $ 475,000 $ 175,000 $ 42,700 $ 51,000 $ 30,400 $ 774,100 $ 712,500 262,500 64,050 76,500 45,600 1,161,150 544,050 163,215 380,835 $ $ $ $ 200,300 $ $ $ Income tax expense (30%) 60,090 $ 140,210 $ Net Income $

COMPARITIVE INCOME STATEMENT for years ended 31 December 2019 2020 Revenues and gains Sales revenue $ 516,500 $ 278,500 $ 77,900 $ 101,500 $ 974,400 $ 1,705,200 903,875 487,375 136,325 177,625 "Interest revenue "Investment Income $ $ "Other revenue $ Total revenue and gains $ Expenses and losses "Cost of goods sold Selling and admin administrative $ Computer (operating) "Depreciation *"Interest expense Total expenses and losses Income before taxes $ 475,000 $ 175,000 $ 42,700 $ 51,000 $ 30,400 $ 774,100 $ 712,500 262,500 64,050 76,500 45,600 1,161,150 544,050 163,215 380,835 $ $ $ $ 200,300 $ $ $ Income tax expense (30%) 60,090 $ 140,210 $ Net Income $

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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