Accounting: What the Numbers Mean 11th Edition by Wayne McManus,Daniel Viele,David Marshall

Exercise 20

Understanding income statement relationships During the year, cost of goods sold was $80,000; income from operations was $76,000; income tax expense was $16,000; interest expense was $12,000; and selling, general, and administrative expenses were $44,000.
Required:
Calculate net sales, gross profit, income before taxes, and net income. (Hint: Exhibit 2-2 may be used as a solution model.)Reference Exhibit 2-2: