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CH 3, CASE 3-3 INCOME STATEMENT
CH 3, CASE 3-3 INCOME STATEMENT
Please review the below Income Statement and identify any errors or necessary corrections?
I did not know if the bank loan and/or patent costs are applicable???
| Dispensers of California, Inc. | ||
| Income Statement | ||
| For the Year Ended December 31, xxxx | ||
| Net Sales | $ 598,500 | |
| Cost of Sales (Decrease in Invetory) | 197,000 | |
| Gross Margin | $ 401,500 | |
| Labor & Development Expense | 25,000 | |
| Selling, General, and Administrative Expense | 63,000 | |
| Operating Income | $ 313,500 | |
| Other Revenues (expenses): | ||
| Inc. Expense | $ 2,500 | |
| Depreciation per year | $ 850 | |
| Manufacturing Payroll | $ 145,000 | |
| Other Man. Expense | $ 62,000 | $ 210,350 |
| Operating Income Less Expenses | $ 103,150 | |
| Cash Dividends | $ 5,000 | |
| Net Income | $ 108,150 | |
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