Use the following information to construct an income statement: Interest--------

ID: 2372944 • Letter: U

Question

Use the following information to construct an income statement:

Interest---------------------------------------$25,000

Sales------------------------------------------$950,000

Income tax rate-----------------------------25%

Selling and marketing expenses-------$160,000

General & administrative expenses---$200,000

Gross Profit----------------------------------$550,000

Depreciation---------------------------------$30,000

Cost of Goods sold------------------------$400,000

Please provide income statement in correct format.

sales 950000

cost of goods sold (400000)

gross profit 550000

selling expenses (160000)

general expenses (200000)

operating profit before int,tax and dep 190000

depriciation (30000)

earning before int and tax 160000

interest (25000)

earning before tax 135000

tax (33750)

earning after tax 101250

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