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The following selected accounts from Okanagan Corporation's general ledger are presented below for the year ended December 31, 2021: Accounts receivable $328,600 Accumulated depreciation—equipment 947,980 Advertising expense 68,200 Common shares 310,000 Cost of goods sold 1,453,280 Depreciation expense 155,000 Dividends declared 186,000 Equipment 1,798,000 Freight out 31,000 Income tax expense 86,800 Insurance expense 28,520 Interest expense 76,880 Interest income 37,200 Inventory 120,280 Prepaid expenses 38,440 Rent income 29,760 Retained earnings 663,400 Salaries expense 874,200 Sales 3,210,980 Manseen Corpora:on Statement of Income (Multiple-step)
The following selected accounts from Okanagan Corporation's general ledger are presented below for the year ended December 31, 2021:
Accounts receivable $328,600 Accumulated depreciation—equipment 947,980 Advertising expense 68,200 Common shares 310,000 Cost of goods sold 1,453,280 Depreciation expense 155,000 Dividends declared 186,000 Equipment 1,798,000 Freight out 31,000 Income tax expense 86,800 Insurance expense 28,520 Interest expense 76,880 Interest income 37,200 Inventory 120,280 Prepaid expenses 38,440 Rent income 29,760 Retained earnings 663,400 Salaries expense 874,200 Sales 3,210,980
Manseen Corpora:on Statement of Income (Multiple-step)
Expert Solution
| Okanagan Corporation | ||
| Income Statement | ||
| For the Year Ended December 31,2021 | ||
| Particulars | Amount | Amount |
| Revenue:- | ||
| Sales | $3,210,980.00 | |
| Less:- Cost of Goods Sold | -$1,453,280.00 | |
| Gross Margin | $1,757,700.00 | |
| Operating Expenses:- | ||
| Advertising Expenses | $68,200.00 | |
| Depreciation Expenses | $155,000.00 | |
| Freight out | $31,000.00 | |
| Insurance Expenses | $28,520.00 | |
| Salaries Expenses | $874,200.00 | |
| Total Operating Expenses | -$1,156,920.00 | |
| Operating Income | $600,780.00 | |
| Non Operating and Others:- | ||
| Interest Expenses | -$76,880.00 | |
| Interest Revenue | $37,200.00 | |
| Rent Revenue | $29,760.00 | |
| Total Non Operating and Others | -$9,920.00 | |
| Income Before Taxes | $590,860.00 | |
| Income Tax Expenses | -$86,800.00 | |
| Net Income | $504,060.00 | |
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