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(Solution) - Powersoft Company is engaged in developing computer software for

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Powersoft Company is engaged in developing computer software for the small business and home computer market. Most of the computer programmers are involved in developmental work designed to produce software that will perform fairly specific tasks in a user-friendly manner. Extensive testing of the working model is performed before it is released to production for preparation of masters and further testing. As a result of careful preparation, Powersoft has produced several products that have been very successful in the marketplace. The following costs were incurred during 2011:
Salaries and wages of programmers doing research . . . . . . . . . . . . . . . . . . . . . . . . . . . $265,000
Expenses related to projects prior to establishment of technological feasibility . . . . . . 82,200
Expenses related to projects after technological feasibility has been established
but before software is available for production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,800
Amortization of capitalized software development costs from current and prior years . 32,150
Costs to produce and prepare software for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,800
Additional data for 2011:
Sales of products for the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $675,000
Beginning inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155,000
Portion of goods available for sale sold during year . . . . . . . . . . . . . . . . . . . . . . . . . . 60%

Instructions:
Prepare an income statement for Powersoft for the year 2011. Income tax rate is 35%.

 







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This question was answered on: Jul 11, 2017

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