Calculate gross profit income before taxes and net income

Assignment Help Accounting Basics

Reference no: EM131914759

Problem

Understanding income statement relationships

During the year, cost of goods sold was $50,000; income from operations was $48,000; income tax expense was $9,000; interest expense was $7,000; and selling, general, and administrative expenses were $32,000.

Required:

Calculate net sales, gross profit, income before taxes, and net income.

Reference no: EM131914759

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