Homework Answers
a.
Profit and loss statement
| Revenue | 3,054,000 |
| Cost of goods sold | -1,519,000 |
| Gross profit | 1,535,000 |
| Operating expenses : | |
| Wages and salaries expense | -260,000 |
| Utilities expense | -54,000 |
| Rental cost | -95,000 |
| Marketing expense | -75,000 |
| Depreciation | -258,000 |
| Operating profit | 793,000 |
| Other expenses : | |
| Interest expense | -288,000 |
| Profit before tax | 505,000 |
| Income taxes | -318,000 |
| Net profit | $187,000 |
b.
Gross profit = $1,535,000
c.
Operating profit = $793,000
d.
Net profit = $187,000
f.
Operating income = $793,000
g
Net income = $187,000
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