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Income statement Revenue = $100,054 Federal Income Tax = $3,500 Depreciation Expense = $2454 Cost of Goods Sold = $14,200 General and Administrative Expense =

Income statement

Revenue = $100,054 Federal Income Tax = $3,500 Depreciation Expense = $2454 Cost of Goods Sold = $14,200 General and Administrative Expense = $6,050

After you have prepared your income statement, provide your answer to the following questions. What is the gross profit? What is the income or profit before taxes? What is the net income or profit?

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