4. Chenko Products, Inc.
Income Statement
For the Year Ended December 31
Sales... $1,400,000
Less cost of goods sold... 950,000
Gross margin ... 450,000
Less selling and administrative expenses:
Salaries expense ... $110,000
Travel expense... 43,000
Utilities expense ($70,000 × 10%)... 7,000
Advertising expense... 200,000
Depreciation expense ($50,000 × 20%) .. 10,000 370,000
Net operating income ... $ 80,000
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