Question - Prepare an income statement.
Following are the line items, presented in random order, that were included in a recent income statement of Valimer Corporation:
Selling and Administrative Expenses $90,000
Operating Income ?
Cost of Goods Sold 130,750
Net Income ?
Income Tax Expense 2,500
Net Sales 315,000
Income Before Income Taxes ?
Gross Profit ?
Interest Revenue 5,000
Required:
(a) Compute each missing amount
(b) Prepare an income statement for Valimer Corporation.
Could you please answer the attachment provided. Thank you.