Question: Identify the errors in the following incomestatement: The Euclidian Company Income Statement For the Year Ended March 31, 2008 Revenue from sales Sales S7,127,500 Sales

Identify the errors in the following incomestatement:

The Euclidian Company Income Statement For the Year Ended March 31, 2008 Revenue from sales Sales S7,127,500 Sales discounts... 60,000 172,300 $7,299,800 4,175,100 $3,124,700 Income from operations Expenses: 710,000 525,000 18,100 Selling expenses.... Delivery expense 1,253,100 $1,871,600 Other expense: 80,000 $1,791,600 Gross profit .. .

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