Question: ABC Inc. reported the following data for the year 2023: Sales Revenue: $1,200,000 Cost of Goods Sold: $700,000 Operating Expenses: $250,000 Interest Expense: $15,000 Tax

ABC Inc. reported the following data for the year 2023:

  • Sales Revenue: $1,200,000
  • Cost of Goods Sold: $700,000
  • Operating Expenses: $250,000
  • Interest Expense: $15,000
  • Tax Expense: $50,000

Requirements:

  1. Prepare a detailed income statement.
  2. Calculate the gross profit.
  3. Calculate the operating profit.
  4. Determine the net income.
  5. Calculate the earnings before interest and taxes (EBIT).

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