LALABS CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DEC 31, 2019 Common Size Percentages Sales 11) 19) Less: Cost of Goods Sold 2,100,000 20) Gross Profit 1,400,000 21) Less: Selling Expenses 12)...

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 CORPORATION<br>INCOME STATEMENT<br>FOR THE YEAR ENDED DEC 31, 2019<br>Common Size<br>Percentages<br>Sales<br>11)<br>19)<br>Less: Cost of Goods Sold<br>2,100,000<br>20)<br>Gross Profit<br>1,400,000<br>21)<br>Less: Selling Expenses<br>12)<br>5%<br>Administrative Expenses<br>13)<br>8%<br>Total Operating Expenses<br>14)<br>13%<br>Operating Income<br>945,000<br>22)<br>Less: Interest Expense<br>15)<br>1.20%<br>Net Income before Taxes<br>16)<br>23)<br>Less: Income Tax<br>17)<br>24)<br>Net Income after Taxes<br>18)<br>25)<br>

Extracted text: LALABS CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DEC 31, 2019 Common Size Percentages Sales 11) 19) Less: Cost of Goods Sold 2,100,000 20) Gross Profit 1,400,000 21) Less: Selling Expenses 12) 5% Administrative Expenses 13) 8% Total Operating Expenses 14) 13% Operating Income 945,000 22) Less: Interest Expense 15) 1.20% Net Income before Taxes 16) 23) Less: Income Tax 17) 24) Net Income after Taxes 18) 25)

Jun 01, 2022

SOLUTION.PDF

LALABS CORPORATION INCOME STATEMENT FOR THE YEAR ENDED DEC 31, 2019 Common Size Percentages Sales 11) 19) Less: Cost of Goods Sold 2,100,000 20) Gross Profit 1,400,000 21) Less: Selling Expenses 12)...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment