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Ex 6. Construct an income statement using the following information: net sales, $500 , 000 ;
salaries, $100 , 000 ; rent, $24 , 000 ; COGS, $250 , 000 ; utilities, $25 , 000 ; payroll taxes, $25 ,
000 ; insurance, $12 , 000 ; and interest expense, $5 , 450 . Make sure that you include gross
profit, operating expenses, and net income. Note: how does net income get treated for a
corporation?

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Ex 6- Construct an income statement using the following information- n.docx

  • 1. Ex 6. Construct an income statement using the following information: net sales, $500 , 000 ; salaries, $100 , 000 ; rent, $24 , 000 ; COGS, $250 , 000 ; utilities, $25 , 000 ; payroll taxes, $25 , 000 ; insurance, $12 , 000 ; and interest expense, $5 , 450 . Make sure that you include gross profit, operating expenses, and net income. Note: how does net income get treated for a corporation?