The Following Account Balances for Bucha Corporation Are for the Year

question 29

Essay

The following account balances for Bucha Corporation are for the year ended October 31,2021.Complete an Income Statement for the year assuming the income tax rate is 20%.
$\begin{array}{|l|r|}\hline \text { Revenues } & 3,880.00 \\\hline \text { Operating Expense } & 895.00 \\\hline \text { Gain on Sale of Assets } & 80.00 \\\hline \text { Interest Expense } & 22.00 \\\hline\end{array}$

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Definitions:

Mechanization

The use of machinery and technology to increase production efficiency, particularly in agriculture and manufacturing, significantly transforming manual labor processes.

Gross Farm Income

The total revenue generated from a farm's operations, including the sale of crops, livestock, and other farm-related products, before expenses are deducted.

Deeper Into Debt

A situation where an individual, organization, or country increases its level of indebtedness, often causing financial strain and limiting future financial flexibility.