JOEL COMPANY\ Income Statement\ For the Year Ended December 31, Year 1\ Sales revenue units

\\\\times $125

\ Cost of goods sold units

\\\\times $65

\ Gross margin\ Sales commissions (

10%

of sales)\ Administrative salaries expense\ Advertising expense\ Depreciation expense\ Shipping and handling expenses units

\\\\times $1.00

\ Net income\ \\\\table[[

$250,000

JOEL COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (2,000 units $125) Cost of goods sold (2,000 units $65) Gross margin Sales commissions ( 10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (2,000 units $1.00) Net income \begin{tabular}{r} $250,000 \\ (130,000) \\ \hline 120,000 \\ (25,000) \\ (30,000) \\ (20,000) \\ (24,000) \\ (2,000) \\ \hline$19,000 \\ \hline \end{tabular}