Take a look at this extremely abbreviated and condensed income statement for a business’s most recent year.
|
Income Statement for Year |
|
|
Sales revenue |
$26,000,000 |
|
Expenses |
24,310,000 |
|
Net income |
$1,690,000 |
This business sells products, which are also called goods or merchandise. The cost of products sold to customers during the year was $14,300,000. Expand the condensed income statement to reflect this additional information.