|
|
|
|
Sales (all on credit) |
$500,000 |
|
Cost of Goods Sold |
380,000 |
|
Gross Profit |
120,000 |
|
|
|
|
Operating Expenses |
|
|
Selling Expenses |
35,000 |
|
Administrative Expenses |
45,000 |
|
Total Operating Expenses |
80,000 |
|
|
|
|
Operating Income |
40,000 |
|
Interest Expense |
12,000 |
|
|
|
|
Income before Taxes |
28,000 |
|
Income Tax Expense |
5,000 |
|
Net Income after Taxes |
$ 23,000 |
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