Complete the Following Income Statement Based on the Information Provided

Essay

Complete the following income statement based on the information provided below:
Sales $
Less:
Cost of goods sold
Administration costs
Interest
Net income before taxes
Income taxes
Net Income $
Selected values are given as follows:
Gross operating margin 24%
Net operating margin 20%
Total Asset turnover 0.8
Return on common equity 10%
Tax rate 40%
Total Assets $15,000
Net worth $12,000
Preferred shares 0