Question
Use your knowledge of income statements to fill in the missing items:
Sales
Cost of goods sold $575,000
Gross profit $1,600,000
General and administrative expense $200,000
Selling and marketing expense $
Depreciation $50,000
Operating income $
Interest $100,000
Income before taxes $
Income taxes (30%) $
Net income $700,000
Sales
Cost of goods sold $575,000
Gross profit $1,600,000
General and administrative expense $200,000
Selling and marketing expense $
Depreciation $50,000
Operating income $
Interest $100,000
Income before taxes $
Income taxes (30%) $
Net income $700,000
Answers
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