Question: Identify the errors in the following incomestatement: The Plautus Company Income Statement For the Year Ended October 31, 2006 Revenue from sales: $4,200,000 101,500 Cost

Identify the errors in the following incomestatement:

The Plautus Company Income Statement For the Year Ended October 31, 2006 Revenue from sales: $4,200,000 101,500 Cost of merchandise sold -. .. . -... Income from operations .- Operating expenses: $4,301,500 2,093,000 $2,208,500 203,000 7,500 122,000 332,500 $1,876,000 Other expense Interest revenue.. Gross profit. 66,500 $1,809,500

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