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In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data. Salari
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Cullumber Company
Income statement
Particulars $
Sales        2,230,000
Sales discount         (130,000)
Cost of Goods Sold         (945,000)
Gross profit        1,155,000
Operating expenses
Salaries         (465,000)
Utilities         (100,000)
Depreciation         (320,000)
Total operating expenses         (885,000)
Operating income           270,000
Non operating
Interest revenues             14,500
Interest expenses           (71,000)
Loss on disposal of assets           (83,500)
Total non operating (expense)/ income         (140,000)
Net income before income tax           130,000
Income tax expense           (25,000)
Net income           105,000
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