Question

Given the following information, prepare an income statement for Jonas Brothers Cough Drops.    Selling and...

Given the following information, prepare an income statement for Jonas Brothers Cough Drops.
  

Selling and administrative expense $ 335,000
Depreciation expense 192,000
Sales 2,030,000
Interest expense 125,000
Cost of goods sold 502,000
Taxes 172,000

Homework Answers

Answer #1

The income statement for Jonas Brothers Cough Drops can be made by rearranging the given information in following manner and calculating gross profit, operating profit, Earnings after Taxes etc.

Sales

$2,030,000

Less: Cost of goods sold

$502,000

Gross Profit

$1,528,000

Less: Selling and administrative expense

$335,000

Less: Depreciation expense

$192,000

Operating Profit

$1,001,000

Less: Interest expense

$125,000

Earnings before Taxes

$876,000

Less: Taxes        

$172,000

Earnings after Taxes

$704,000

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