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In 2018, Dukes Sparkle Shirts sold 10,000 t-shirts for $20 per shirt. To produce these shirts, it cost $15,000 worth of raw material and
In 2018, Dukes Sparkle Shirts sold 10,000 t-shirts for $20 per shirt. To produce these shirts, it cost $15,000 worth of raw material and $8,000 in production expenses. Also $80,000 in salaries and $17,000 in factory wages were incurred. Interest expense was $5,000 and marketing expenses were $18,000. Other office expenses totaled $12,000 and taxes were $20,000. Given this information, construct Sparkle Shirts income statement. Please find the following amounts: 1. Revenue 2. Cost of Goods Sold 3. Gross Profit 4. Operating Expenses 5. Net Income from Operations 6. Other Expenses 7. Net Income
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