USE INDIRECT METHOD
The profit or loss section of the statement of comprehensive
income of ITS NOT OK NOT TO BE OK company for the year ended
December 31, 2020 as reproduced below:
Sales- 6,100,000
COGS- 3,700,000
GROSS PROFIT- 2,400,000
Gain on sale of equipment- 100,000
Salaries expense- (820,000)
Insurance expense- 380,000
Depreciation expense- 220,000
Profit before interest and income tax -1,080,000
Interest Expense- 120,000
Profit before income tax- 960,000
Income tax expense- 288,000
Profit- 672,000
The following info is...