Use your knowledge of income statements to fill in the missing items:
|
Sales |
|
|
Cost of goods sold |
$575,000 |
|
Gross profit |
1,600,000 |
|
General and administrative expense |
200,000 |
|
Selling and marketing expense |
_____ |
|
Depreciation |
50,000 |
|
Operating income |
_____ |
|
Interest |
100,000 |
|
Income before taxes |
______ |
|
Income taxes (30%) |
_____ |
|
Net income |
$700,000 |