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

Question

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

Sales.....................................................$2,175,000.00

Cost of goods sold...................................$575,000.00

Gross profit.............................................$1,600,000.00

General and administrative expense.............$200,000.00

Selling and market expense......................... ?

Depreciation............................................$50,000.00

Operating income Interest..........................$100,000.00

Income before taxes Income taxes (30%)...... ?

Net income $700,000.0............................... ?

Explanation / Answer

Income before taxes Income taxes (30%)...... $1,855,700 (IT 319,300.00) Net income $700,000.0

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