Identify gross profit, Create an income statement using the

Identify gross profit

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Reference no: EM132651940

Inventories $150,000

Cost of Goods Sold $250,000

Administrative Expenses $50,000

Accumulated Depreciation $150,000

Sales $700,000

Depreciation Expense $25,000

Selling Expenses $150,000

Common Stock Dividends $18,000

Interest Expense $18,000

Corporate Tax Rate 30%

Question 1: Create an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Please define what each number represents and why it is important to a business.

Reference no: EM132651940

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