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Using the following information for ABC Superstores for the fiscal year 2016: Cost of goods sold of $1,519,000; Interest expense of $288,000; Income taxes of
Using the following information for ABC Superstores for the fiscal year 2016: Cost of goods sold of $1,519,000; Interest expense of $288,000; Income taxes of $318,000; Revenue of $3,054,000; Wages and salaries expenses of $260,000; Utilities expense of $54,000; Rental costs of $95,000; Marketing expenses of $75,000; and Depreciation of $258,000. a. Prepare a profit and loss statement. b. What was the gross profit for the year? c. What were the operating profits for the year? d. What was the net profit for the year? f. What is the operating income (aka operating profit) amount? g. What is the net income (aka net profit) amount
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