Homework Answers
Answer :
Kokomo Wholesale
Income Statement
For the year ended December 31
| Amount (in $) | |
| Sales revenue | $658,000 |
| Less : Cost of goods sold | ($400,000) |
| Gross Profit | $258,000 |
| Operating expenses : | |
| Selling, general and adminstrative expense | ($223,000) |
| Income from Operations | $35,000 |
| Other expense : | |
| Interest expense | ($4,000) |
| Income before income tax | $31,000 |
| Less : Income tax expense | ($8,000) |
| Net Income | $23,000 |
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