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Unformatted text preview: Income Statement Jone 30, 2004 Net Sales $4,324 Less cost of goods sold 2387 Gross profit $1,937 Operation exp Selling and adminstrative exp $552 Advertising exp 429 Research and devolopment exp 84 Total operation exp $1,065 Income from Operation $872 Other revenues and gain other income 1 Other exp and loses Interest expense ($30) Income before income taxes $843 Income tax exp ($294) Net Income $549 E5 -9 b Gross profit rate: Gross profit/ Net Sales = 44.80% Profit margin rate: Net Income/ Net Sales = 12.70% E 13 - 1 Pretiss Company Income Statement For the Year Ended December 31, 2007 Income before income taxes $270,000 Less extraordinary fire loss ($50,000) Add Gain from disposal of adivision 40000 Net income before tax $260,000 Income tax exp ($260000 * .3) $78,000 Net Income $182,000...
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This note was uploaded on 06/29/2008 for the course BUAD 305 taught by Professor Davila during the Spring '07 term at USC.
- Spring '07