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Based on the following information to construct an income statement, what is the net income amount?

Interest expense= $25,000;
Sales = $950,000;
Income tax rate = 25%;
Selling and marketing expenses = $160,000;
General and administrative expenses = $200,000;
Gross profit = $550,000;
Depreciation = $30,000;
Cost of goods sold = $400,000.

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Respuesta :

Shahzaibfaraz

Answer:

The net income amount is $101250

The income statement is made in the explanation part.

Explanation:

Income Statement

                                                            $                $

Sales                                                               950000

Less:COGS                                                    (400000)

Gross profit                                                     550000

Less:Expenses

Selling &Marketing expenses       160000

General & Admin expenses          200000

Depreciation                                   30000    (390000)

Operating Profit                                              160000

less: Interest expense                                    (25000)

Earnings before tax                                        135000

less: Tax (at 25%)                                            (33750)

Net Income                                                      101250

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