Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report...
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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:
| Sales revenue | $ | 190,000 | |||
| Cost of goods sold | 40,000 | ||||
| Operating expenses: | |||||
| Fixed | $ | 64,000 | |||
| Variable | 53,000 | 117,000 | |||
Fixed operating expenses include payments of $60,000 to an advertising firm to promote Branson through various media throughout the year. The income tax rate for Bransons level of operations in the first quarter is 20%, but management estimates the effective rate for the entire year will be 25%. Required: Prepare the income statement to be included in Bransons first quarter interim report.
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