10 value 1000 points Use the following 2013 data Other Selli

10, value 10.00 points Use the following 2013 data Other Selling and Administrative Expenses Other Expenses Sales Revenue Advertising and Promotion Expenses Wages Expense Income Tax Expense Interest Expense $1,051,300 248,600 4,886,300 553,000 2,526,400 167,000 114,400 Prepare the annual income statement for Kvass, Inc KVASS, INC. Income Statement For the Year Ended December 31, 2013 Revenues Sales Revenue $ 4,886,300 Total Revenues 4,886,300 Expenses Other Selling and Administrative Expenses Other Expenses Advertising and Promotion Expenses Wages Expense Income Tax Expense Interest Expense 1,051,300 248,600 553,000 2,526,400 167,000 114,400 4,660,700 225,600 Total Expenses Net Income

Solution

KVASS INC. Income Statement For the Year Ended Dec 31, 2013 Revenue Sales Revenue    4,886,300.00 Expenses Wages Expenses    2,526,400.00 Advertising & Promotion Expenses        553,000.00 Other Selling & Admnistrative Expenses    1,051,300.00 Other Expenses        248,600.00 Total Expenses    4,379,300.00 Net Operating Income        507,000.00 Other Income & Expenses Interest Exp.        114,400.00 Net Income before Tax        392,600.00 Income Tax Expenses        167,400.00 Net Income        225,200.00 No Details are given for Question No 2 & 3, so we cannot solved it.