Cobbs Hill, Inc. Income Statement Year Ended December 31, 2016 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: S 435,000 201,200 233,800 Salaries Expense Depreciation Expense-Plant Assets Other Operating Expenses Total Operating Expenses $ 78,400 14,800 10,000 103,200 130,600 Operating Income Other Revenues and (Expenses) 8,200 (21,500) Interest Revenue Interest Expense Total Other Revenues and (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income (13,300) 117,300 20,000 S 97,300