The accountant for Dolfin Company prepared the following income statement. The auditor has asked you to use this statement to provide additional information to Dolfin Company on the Final Questions panel.

 

Dolfin Company

Income Statement

For the Year Ended December 31, 2020

1	Sales		$316,840.00
2	Expenses:
3	Cost of merchandise sold	$215,451.20
4	Selling expenses	41,189.20
5	Administrative expenses	34,852.40
6	Interest expense	275.00
7	Total expenses		291,767.80
8	Net income		$25,072.20

 Final Questions

The auditor has asked you to prepare additional information about Dolfin Company’s results for last year. Use the data shown on the income statement in your computations.

1. Compute the operating expenses for Dolfin Company.

2. Compute the gross profit for Dolfin Company.

3. Compute the income from operations for Dolfin Company.