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12 December, 03:23

Construct a simple income statement that calculates net income given the following information: Cost of goods sold: 200 Income taxes: 100 General and administrative expenses: 50 Depreciation expense: 150 Revenue: 1,000

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  1. 12 December, 03:45
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    The construction of the simple income statement is presented below:

    Sales revenue $1,000

    Less: Cost of goods sold - $200

    Gross profit $800

    Less: Operating expenses

    General and administrative expenses - $50

    Depreciation expense - $150

    Profit before tax $600

    Less: income tax - $100

    Net income $500
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