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Required information [The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies Company Henry Grace
Required information [The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $40,000 43,000 48,000 Cost of Goods Sold $ 16,000 27,950 27,360 Operating Expenses $ 5,400 16,500 3,400 Non-operating Expenses $2,400 7,400 0 Income Tax Expense $2,400 0 3,400 Required: 1. For each company, calculate (a) gross profit, (b) operating income. (C) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Gross Profit Operating Income Income Before Income taxes Net Income Loss $ Henry Grace James 24,000 15,050 20,640
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