Please review the below Income Statement and identify any errors or necessary co

Question

Please review the below Income Statement and identify any errors or necessary corrections?

I did not know if the bank loan and/or patent costs are applicable???

Dispensers of California, Inc. Income Statement For the Year Ended December 31, xxxx Net Sales $                598,500 Cost of Sales (Decrease in Invetory)                    197,000 Gross Margin $                401,500 Labor & Development Expense                      25,000 Selling, General, and Administrative Expense                      63,000      Operating Income $                313,500 Other Revenues (expenses):      Inc. Expense $                         2,500      Depreciation per year $                             850      Manufacturing Payroll $                     145,000      Other Man. Expense $                       62,000 $                210,350     Operating Income Less Expenses $                103,150 Cash Dividends $                    5,000 Net Income $                108,150

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