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Mini - Exercise 2 - 3 ( Algo ) Understanding income statement relationships LO 2 - 2 , 2 - 3 During the year, net

Mini-Exercise 2-3(Algo) Understanding income statement relationships LO 2-2,2-3During the year, net sales were $135,000; gross profit was $55,000; net income was $22,500; income tax expense was $5,500; and selling, general, and administrative expenses were $24,500.Required:Calculate cost of goods sold, income from operations, income before taxes, and interest expense.

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