† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.Construct an income statement for Fincorp for 2021 and 2022.Note: Enter your answers in thousands of dollars.Fincorp IncorporatedIncome Statement20212022RevenueAdministrative expensesDepreciation expense$4,000 $4,100500550500520Interest expense150150Cost of goods sold1,6001,700Taxable income1,2501,180Federal and state taxes400420Net income$85010$760What were reinvested earnings for 2022?Note: Enter your answer in thousands of dollars.Reinvested earnings

Name: † Net fixed assets are fixed assets net of accumulated depreciation s
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Description: † Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed.Construct an income statement for Fincorp for 2021 and 2022.Note: Enter your answers in thousands of dollars.Fincorp IncorporatedIncome Statement202120

Income Statement: It is a part of the financial statement of a company in which revenue and expenses…

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† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct an income statement for Fincorp for 2021 and 2022. Note: Enter your answers in thousands of dollars. Fincorp Incorporated Income Statement 2021 2022 Revenue Administrative expenses $ 4,000 $ 4,100 500 550 Depreciation expense 500 520 Interest expense 150 150 Cost of goods sold 1,600 1,700 Taxable income 1,250 1,180 Federal and state taxes 400 420 Net income $ 850 $ 760 What were reinvested earnings for 2022? Note: Enter your answer in thousands of dollars. Reinvested earnings

† Net fixed assets are fixed assets net of accumulated depreciation since the asset was installed. Construct an income statement for Fincorp for 2021 and 2022. Note: Enter your answers in thousands of dollars. Fincorp Incorporated Income Statement 2021 2022 Revenue Administrative expenses $ 4,000 $ 4,100 500 550 Depreciation expense 500 520 Interest expense 150 150 Cost of goods sold 1,600 1,700 Taxable income 1,250 1,180 Federal and state taxes 400 420 Net income $ 850 $ 760 What were reinvested earnings for 2022? Note: Enter your answer in thousands of dollars. Reinvested earnings

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...

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