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Make an income statement using the numbers on the right with excel functions

Question

Make an income statement using the numbers on the right with excel functions
Make an income statement using the numbers on the right with excel functions
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Answers

Answer

  • Income Statement is provided below

Sales & Expenses

Percent of sales

Sales Revenue [280000 x 12]

$3,360,000

100.00%

Cost of Goods Sold [180000 + 505000 +110000]

$795,000

23.66%

Gross Profits

$2,565,000

76.34%

Less:

  Selling expenses

$437,000

13.01%

Administrative expenses

$854,000

25.42%

Operating Income

$1,274,000

37.92%


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