Following are the line items, presented in random order, that were included in a recent income statement of Valimer Corporation:
Selling and Administrative Expenses..................................... $ 90,050
Operating Income................................................................... ?
Cost of Goods Sold................................................................ 130,750
Net Income............................................................................. ?
Income Tax Expense.............................................................. 2,500
Net Sales................................................................................. 315,000
Income before Income Taxes................................................. ?
Gross Profit............................................................................. ?
Interest Revenue..................................................................... 5,000
Required:
(a) Compute each missing amount.
(b) Prepare an income statement for Valimer Corporation.