Income Statement

Income Statement - shown on the income statement after other

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Income Statement The income statement of a corporation includes the same types of revenues and expenses as  companies organized as sole proprietors and partnerships with one difference. A corporation is a  legal entity and therefore, it must pay taxes. The expense for federal and state income taxes is 
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Unformatted text preview: shown on the income statement after other income/(expense), net (the nonoperating income and expenses) as follows: Operating income $92,500 Other income/(expense), net Interest revenue 5,000 Loss on sale of equipment (2,400) Interest expense (8,000) Income before taxes 87,100 Income tax expense 33,098 Net income $54,002...
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