Question: Financial statement data for Delicious Dishes, Inc. are given below. All figures are in dollars. Use this data to construct an Income Statement for the
Financial statement data for Delicious Dishes, Inc. are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2015 and use your constructed statement to answer the following 4 questions.
| Advertising | 384,000 | |
| Beginning of year inventory | 1,243,000 | |
| Depreciation | 350,000 | |
| End of year inventory | 1,128,000 | |
| General and administrative expenses | 1,184,000 | |
| Gross sales | 28,242,000 | |
| Interest expense | 150,000 | |
| Lease payments | 148,000 | |
| Management salaries | 4,253,000 | |
| Purchases | 18,243,000 | |
| Research and development | 324,000 | |
| Returns and allowances | 564,000 | |
| Taxes | 925,000 |
What was gross profit from income statement for the year ending December 31, 2015?
What was operating profit (i.e., EBIT) from Delicious Dishes income statement for the year ending
December 31, 2015?
What was profit before taxes (i.e., EBT) from Delicious Dishes income statement for the year ending December 31, 2015?
What was net income from Delicious Dishes income statement for the year ending December 31, 2015?
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