Use the following Year 3 data:    Other Selling and Administrative Expenses$1,050,300 Other Expenses 247,600 Sales Revenue 4,885,300 Advertising and Promotion Expenses 552,500 Salaries and Wages Expense 2,524,400 Income Tax Expense 166,500 Interest Expense 113,900 Required:Prepare the annual income statement for Kvass, Inc.

What will be an ideal response?


KVASS, INC.
Income Statement 
For the Year Ended December 31, Year 3
??
Revenues?
  Sales Revenue$4,885,300
Expenses?
  Salaries and Wages Expense2,524,400
  Advertising and Promotion Expenses552,500
  Other Selling & Administrative Expenses 1,050,300
  Interest Expense113,900
  Income Tax Expense166,500
  Other Expenses  247,600
Total Expenses  4,655,200
Net Income$ 230,100
??

Business

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