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.

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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

jeff jeffy answered 2 years ago

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