Question
INCOME STATEMENT PROBLEM: Radu is a global manufacturer of automotive parts. The annual reporting period ends Dec. 31. Below find balances for all of its
INCOME STATEMENT PROBLEM: Radu is a global manufacturer of automotive parts. The annual reporting period ends Dec. 31. Below find balances for all of its income statement accounts in alphabetical order. All accounts have usual normal balances in USD.
Bad Debt Expense* | 100 |
Cost of Goods Sold | 33,000 |
Income Tax Expense | 3,500 |
Interest Income and Other Non-operating Revenues | 200 |
Other Operating Expenses | 500 |
Sales Revenue | 50,000 |
Selling and Administrative Expense | 4,700 |
* Operating Expense
Prepare a statement of income and determine the following:
a. What is the dollar amount of the gross profit?
b. What is the dollar amount of the income from operations?
c. What is the dollar amount of the income before income tax?
d. What is the dollar amount of the net income?
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