How many errors can you find in the following incomestatement? The Plautus Company Income Statement For the

How many errors can you find in the following incomestatement?

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The Plautus Company Income Statement For the Year Ended October 31, 2006 Revenue from sales: $4,200,000 Sales Add: Sales returns and allowances Sales discounts $81,200 20,300 101,500 Gross sales $4,301,500 2,093,000 $2,208,500 Cost of merchandise sold Income from operations Operating expenses: Selling expenses Transportation out Administrative expenses $ 203,000 7,500 122,000 Total operating expenses 332,500 $1,876,000 Other expense Interest revenue 66,500 $1,809.500 Gross profit