Use your knowledge of income statements to fill in the missing items:
Sales
Cost of goods sold.......................................$575,000
Gross profit.................................................1,600,000
General and administrative expense.........200,000
Selling and marketing expense...............–––––––––
Depreciation...................................................50,000
Operating income.....................................–––––––––
Interest..........................................................100,000

Income before taxes.................................–––––––––
Income taxes (30%)...................................–––––––––
Net income..................................................$700,000