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Construct a simple income statement that calculates net income given the following information: Cost of goods sold: 200 Income taxes: 100 General and administrative expenses: 50 Depreciation expense: 150 Revenue: 1,000

Respuesta :

Answer:

Explanation:

The construction of the simple income statement is presented below:

Sales revenue                                           $1,000

Less: Cost of goods sold                          -$200

Gross profit                                                $800

Less: Operating expenses

General and administrative expenses    -$50

Depreciation expense                             -$150

Profit before tax                                        $600

Less: income tax                                       -$100

Net income                                                $500

             

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