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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