Quiz 2_CH2_Solution

Quiz 2_CH2_Solution - 2,890 Required Prepare an income...

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Name _______________________________ Recitation Section (letter/number)_____________ SOLUTION MGA 201: Fall 2008 Quiz #2: Chapter 2 The following information was taken from the records of Paris Corp. for the year ended December 31, 2008: Cash $ 8,000 Accounts Receivable 6,500 Notes Payable 6,000 Capital Stock (4,000 shares outstanding) 4,500 Retained Earnings 9,610 Revenue 200,00 0 Advertising Expense 55,000 Salaries Expense 60,000 Utilities Expense 50,000 Supplies Expense 8,500 Rent Expense 18,000 Income Tax Expense
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Unformatted text preview: 2,890 Required: Prepare an income statement in proper format for year ended December 31, 2008: Paris Corp. Income Statement For the Year Ended December 31, 2008 Revenue $200,00 Operating Expenses: Advertising Expense 55,000 Salaries Expense 60,000 Utilities Expense 50,000 Supplies Expense 8,500 Rent Expense 18,000 191,500 Income before income taxes $ 8,500 Income Tax Expense 2,890 Net Income $ 5,610 EPS ($5,610/4,000 shs.) $1.40...
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