Answer – Construct an Income Statement
Here is the answer of Exercise – Construct an Income Statement.
LOL Private Limited
For the 12 Month period Ending 31 December 2015
| Revenue | 3,800,000 |
| Cost of goods sold | 3,000,000 |
| Gross profit | 800,000 |
| Operating expenses (excl. depreciation) | 400,000 |
| Depreciation expense | 100,000 |
| Operating income | 300,000 |
| Interest expense | 200,000 |
| Income Before Taxes | 100,000 |
| Income Taxes | 25,000 |
| Net income | 75,000 |
