P5. Use your knowledge of income statements to fill in the missing items:

Question

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

Answer 1

5. 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
An