Income statement ((LO1) Given the following information prepare in good form an income statement for the Dental Drilling Company. Selling and adminstrative expense ................................................. $ 60,000 Depreciation expense .................................................................. 70,000 Sales ......................................................................................... 470,000 Interest Expense ......................................................................... 40,000 Cost of goods sold ....................................................................... 140,000 Taxes ......................................................................................... 45,000 Dental Drilling Solution Solution Income statement for Dental Drilling .

1. Income statement ((LO1) Given the following information prepare in good form an income
statement for the Dental Drilling Company.
Selling and adminstrative expense ................................................. $ 60,000
Depreciation expense .................................................................. 70,000
Sales ......................................................................................... 470,000
Interest Expense ......................................................................... 40,000
Cost of goods sold ....................................................................... 140,000
Taxes ......................................................................................... 45,000
Dental Drilling
Solution
Solution

2. Income statement for Dental Drilling
Sales $470000
Cost of good sold $140000
Gross profit $330000
Selling and administrative expenses $60000
Depreciation expense $70000
Operating profit $200000
Intrest expense $40000
Earning before taxes $160000
Tax $45000
Earning after taxes $115000