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Prepare an income statement using the information below. Make sure to identify gross profit, operating income, net income, and addition to retained earnings Inventories $
- Prepare an income statement using the information below. Make sure to identify gross profit, operating income, net income, and addition to retained earnings
| Inventories | $ 50,000 |
| Cost of Goods Sold | 2,000.000 |
| Administrative Expenses | 40,000 |
| Accumulated Depreciation | 150,000 |
| Sales | 3,500,000 |
| Depreciation Expense | 15,000 |
| Selling Expenses | 100,000 |
| Common Stock Dividends | 8,000 |
| Interest Expense | 15,000 |
| Corporate Tax Rate | 30% |
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