Question

Use your knowledge of income statements to fill in the missing items.
Sales $   = Gross profit + COGS
COGS ........... 575,000
Gross profit ....... $1,600,000
G&A expense ....... 200,000
Sales & Mkting expense found   can be determined after operating income is
Depreciation ......... 50,000
Operating income   = EBT + Interest
Interest ........... 100,000
Income before taxes  EBT(1 – .30) = $700,000; EBT = $1,000,000
Income taxes (30%)
Net income ...... $ 700,000


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  • CreatedMarch 27, 2015
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