=+Purchase-related transactions Obj 4 Identify the errors in the following income statement: THE EUCLIDIAN COMPANY Income Statement
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=+Purchase-related transactions Obj 4 Identify the errors in the following income statement:
THE EUCLIDIAN COMPANY Income Statement For the Year Ended March 31, 2008 Revenue from sales:
Sales Add: Sales returns and allowances Sales discounts Gross sales Cost of merchandise sold Income from operations Expenses:
Selling expenses Administrative expenses Delivery expenses Total expenses Other expense:
Interest revenue Gross profit
$7,127,500
$112,300 60,000 172,300
$7,299,800 4.175.100
$3,124,700
$ 710,000 525,000 18,100 1.253.100
$1,871,600 80,000
$1,791,600
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