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

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 $40.000 Accumulated Depreciation $150,000 Sales $500,000 Depreciation Expense $15.000 $100,000 Selling Expenses Common Stock Dividends $8,000 Interest Expense $5.000 Corporate Tax Rate 40%

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