Question: Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Inventories $50,000 Cost of Goods

Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Inventories $50,000 Cost of Goods Sold $200,000 Administrative Expenses Accumulated Depreciation $40,000 S150,000 Sales $500,000 $15,000 Depreciation Expense Selling Expenses $100,000 Common Stock Dividends $8,000 $5,000 Interest Expense Corporate Tax Rate 40%

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