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In: Accounting

form the balance sheet for the following two companies 1) Auto Wash Bot Ltd. Income Statement...

form the balance sheet for the following two companies

1)

Auto Wash Bot Ltd.

Income Statement

For the Year Ended December 31, 2015

Revenue

$375,000

Cost of Goods Sold

86,250

Gross Profit

288,750

Other Expenses

Advertising

35,400

Office Expense

22,750

Research

195,000

Wages and Salaries

40,000

Total Other Expenses

293,150

Income Before Taxes

(4,400)

Income Tax

0

Net Income

$(4,400)

2)

Popeye’s Muscle Wash Ltd

Income Statement

For the Year Ended December 31, 2015

Revenue

$375,000

Cost of Goods Sold

163,125

Gross Profit

211,875

Other Expenses

Advertising

5,200

Office Expense

17,400

Repairs and Maintenance

85,000

Wages and Salaries

50,000

Total Other Expenses

157,600

Income Before Taxes

54,275

Income Tax*

8,413

Net Income

$45,862


*Tax rate of 15.5% used.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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