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Unformatted text preview: 227 232 Total Liabilities and Shareholders' Equity 13,827 8,147 Income Statement-Smith Corporation for the year ended December 31, 2007 Sales 10,000 Cost of Goods Sold (5,000) Gross Profit 5,000 Operating Expenses Depreciation Expense 500 General Expenses 800 Interest Expense 100 Income Tax Expense 300 Total operating expenses 1,700 Gain on sale of equipment 500 Net Income 3,800 Other facts: 1) the company bought $10,000 of PP&E and financed it entirely by issuing bonds payable; 2) all dividends were paid in cash;...
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