In an income statement, revenues 650,000; operating cost is missing; gross profit 205,000; general and administrative expenses 75,000; operating income is missing; other expense 60,000; income before provision for income tax is missing; provision for income taxes 5,000, net income missing; retained earnings , beginning balance 103,500, net income missing and retained earnings ending balance missing. 

What is the answer to the missing values, provide explanation?

Answer rating: 100% (QA)

We can solve for some of the missing values in this income statement using the basic relationships b... View the full answer