Graded Practice #2 i 3 Saved 1.5 points eBook References The following income statement was drawn from the records of Butler Company, a merchandising firm: BUTLER COMPANY Income Statement For the Year Ended December 31, 2014 Sales revenue (6,500 units x $165) Cost of goods sold (6,500 units x $86) $1,072,500 (559,000) Gross margin 513,500 Sales commissions (5% of sales) (53,625) Administrative salaries expense (86,000) Advertising expense (38,000) Depreciation expense (48,000) Shipping and handling expenses (6,500 (6,500) units x $1) Net income $ 281,375