Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000 3,200,000 1,800,000 Sales Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less: Interest expense Net Income before tax Less: Income tax(32% ) Net Income 4,250,000 250,000 4,000,000 2.600,000 1,400,000 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P 163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P 1,520,000 Cash Marketable Securities Accounts Receivable Inventories: Finished Goods P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS LIABILITIES & STOCKHOLDERS' EQUITY Accounts Payable 12% Bonds Payable, due in 2010 Common Stock, par 100 Additional Paid-in Capital Retained Earnings 150,000 400,000 800,000 300,000 115,000 100,000 300,000 750,000 250,000 120,000

Income Statement For the year ended Dec. 31, 2020.and 202019 2020 2019 P 5,150,000 150,000 5,000,000 3,200,000 1,800,000 Sales Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less: Interest expense Net Income before tax Less: Income tax(32% ) Net Income 4,250,000 250,000 4,000,000 2.600,000 1,400,000 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P 163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P 1,520,000 Cash Marketable Securities Accounts Receivable Inventories: Finished Goods P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 Work-in-Process Raw Materials Prepaid Expenses Machinery and Equipment.net TOTAL ASSETS LIABILITIES & STOCKHOLDERS' EQUITY Accounts Payable 12% Bonds Payable, due in 2010 Common Stock, par 100 Additional Paid-in Capital Retained Earnings 150,000 400,000 800,000 300,000 115,000 100,000 300,000 750,000 250,000 120,000

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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refer to the photo below. Please provide a complete and correct solution.
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