Question

In: Finance

Precision Systems had sales of $980,000, cost of goods of $670,000, selling and administrative expense of...

Precision Systems had sales of $980,000, cost of goods of $670,000, selling and administrative expense of $62,000, and operating profit of $138,000.

Prepare an income statement for Precision Systems.

Solutions

Expert Solution

Sales 980000
Cost of Goods Sold 670000
Gross Profit 310000
Selling, general and administrative expenses 62000
Operating expenses 110000
Earnings before interest and tax EBIT 138000
Interest expense
Earnings before income tax EBT
Income tax expense
Net income

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