Andrew's, Inc. Income Statement For the Year Ended December 31, 2018 Net sales $ 950,000 Cost of goods sold (600,000) Gross profit 350,000 Operating expenses (250,000) Income from operations 100,000 Other revenues and gains Gain on sale of investments 15,000 Other expenses and losses Loss on disposal of equipment (3,000) Income before income taxes 112,000 Income tax expense (45,000) Net Income S 67,000 255,000 215,000 193,000 218,000 255,000 (58,000) (42,000) (42,000) (58,000) 273,000 235,000 176,000 197,000 162 70