Solution-Complete the company gross margin income statement

Complete the company gross margin income statement

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Reference no: EM133157828

Question - Gross Margin Income Statement - Rebound Therapy Inc ("RTI") is a company that provides post-injury, registered massage therapy services for amateur and professional athletes. They also sell a line of essential oils for various therapeutic applications. The essential oils are produced by one supplier, RTI purchases from and resells in their therapy clinics. The company generated $285,000 of revenues during 2021. Below are the company's costs incurred during fiscal 2021.

Cost Description	Amount ($)
Legal Fees	$5,000
Office Supplies	$13,500
Interest Expense	$2,250
Loss on sale of asset	$750
Salaries - therapists	$95,000
Salaries - receptionists	$50,000
Depreciation - massage tables	$7,850
Depreciation - office furniture	$5,600
Office phone & internet	$2,400
Linens, towels and cleaning supplies	$1,000
Essential oils	$38,500
Dividends declared and paid	$42,500

Required - Complete the Company's gross margin income statement as at December 31, 2021. RTI classifies its expenses as: Cost of Goods Sold, Cost of Sales, Operating Expenses and Non-Operating Expenses.

Reference no: EM133157828

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Complete the company gross margin income statement

Reference no: EM133157828

Reference no: EM133157828

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