Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had

$4,523,000

in revenues,

$3,347,000

in cost of goods sold,

$457,000

in operating expenses which included depreciation expense of

$143,000,

and a tax liability equal to

34

percent of the firm's taxable income. What is the net income of the firm for the year?

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Part 1

Complete the income statement for Sandifer Manufacturing Co.:(Round to the nearest dollar.)

Revenues =		$
Less:	Cost of Goods Sold =	$
			Equals:	Gross Profit =	$
Less:	Operating Expenses =	$
			Equals:	Net Operating Income =	$
Less:	Interest Expense =	$	0
			Equals:	Earnings before Taxes =	$
Less:	Income Taxes =	$
			Equals:	Net Income =	$