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Summary Business Accounting
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  • Course
  • Introduction to Economics
  • Institution
  • Cambridge College

Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be mailed to shareholders. The following information for the quarter has been compiled: Revenues $180,000 Cost of goods sold 35,000 Operating expenses: Fixed $59,000 Variable 48,000 10...

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Document information

  • July 8, 2022
  • 2
  • 2021/2022
  • Summary

Subjects

  • business accounting

Written for

  • Cambridge College
  • Introduction to Economics
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Question:

Branson Electronics Company is a small, publicly traded company preparing its first quarter interim

report to be mailed to shareholders. The following information for the quarter has been compiled:

Revenues $180,000

Cost of goods sold 35,000

Operating expenses:

Fixed $59,000

Variable 48,000 107,000

Fixed operating expenses include payments of $50,000 to an advertising firm to promote the firm through

various media throughout the year. The income tax rate for the firm’s level of operations in the first

quarter is

30%, but management estimates the effective rate for the entire year will be 36%.

Required:

Prepare the income statement to be included in Branson’s first quarter interim report.



Answer:



Branson Electronics Company

Income Statement



Revenues $180,000

Cost of goods sold 35,000

Gross profit 145,000

Advertising expense1 (12,500)

Other operating expenses2 (57,000)

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