Question

Precision Systems had sales of $1,250,000, cost of goods of $860,000, selling and administrative expense of...

Precision Systems had sales of $1,250,000, cost of goods of $860,000, selling and administrative expense of $66,000, and operating profit of $148,000.

Prepare an income statement for Precision Systems.

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Homework Answers

Answer #1

Given,

Sales = $1250000

Cost of goods sold = $860000

Selling and administrative expense = $66000

Operating profit = $148000

Solution :-

Income statement for Precision Systems:

Sales $1250000
Cost of goods sold ($860000)
Gross Profit $390000
Selling and administrative expense ($66000)
Depreciation expense (Note) ($176000)
Operating Profit $148000

Note:

Depreciation expense = Gross profit - Selling and administrative expense - operating profit

= $390000 - $66000 - $148000 = $176000

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