The general ledger of the Fly-Buy-Nite (FBN) Engineering Company contained the following account balances (partial listing) at the end of June, 2004. Construct an income statement. What is the net income before taxes and the net profit (or loss) after taxes? FBN has a tax rate of 27%.
Amount (thousands)
Administrative expenses ............................. $ 2,750
Subcontracted services .............................. 18,000
Development expenses .............................. 900
Interest expense ...................................... 200
Sales revenue ......................................... 30,000
Selling expenses ..................................... 4,500