=+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