Accounting Homework Help multi-step income statement

Posted on 2014-01-23 15:35:00 in Accounting by DANA

Where would I get the net income form with this statement?? Where is the operating expense?



Revenue from sales:

Sales- $9,132,000

Less: sales returns and allowances-$422,000

Less: Sales Discounts-$115,000 , 537,000



Net Sales: $8595000

Cost of merchandise sold-$6,110,000



Gross Profit: $2485000



expenses:

selling expense- $800,000

administrative expense- $575,000

delivery expense-$425,000

Total expense: $1800000



Income from operations-$685000



Other income:

Interest revenue-$45,000



Net Income-???

---

Answer Comment

No Answers Posted Yet.