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borteleto borteleto
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5 years ago
Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income.

Inventories$50,000
Cost of Goods Sold$250,000
Administrative Expenses$50,000
Accumulated Depreciation$150,000
Sales$600,000
Depreciation Expense$25,000
Selling Expenses$150,000
Common Stock Dividends$8,000
Interest Expense$8,000
Corporate Tax Rate40%
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Marc18Marc18
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borteleto Author
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#2
5 years ago
Literally the most helpful website ever
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Monkey
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love this website
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2 years ago
Here's a similar example (attached) and its answer as well:

solution:

sales 475000

less cost of goods sold 232000

gross profit = 243000

less administrative expenses = 55000

selling expenses =112000

operating income = 76000

less depreciation = 8500

net income = 67500
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