Fill in the following missing income statement values. The cases are independent.

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Problem 4-2Fill in the following missing income statement values. The cases are independent.
Case ACase B
Sales250000
COGS200000
Goss Profit150000
Operating Expenses6000060000
Operating Income
Interest Expense10000
Income Before Taxes80000
Tax Expense (40%)92000
Net Income

EXPERT ANSWER

Problem 4-2Fill in the following missing income statement values. The cases are independent.
Case ACase B
Sales250000
COGS200000100000(250000-150000)
Goss Profit300000(240000+60000)150000
Operating Expenses6000060000
Operating Income240000(230000+10000)90000(150000-60000)
Interest Expense1000010000(90000-80000)
Income Before Taxes230000(92000/40*100)80000
Tax Expense (40%)9200032000(80000*40%)
Net Income138000(230000-92000)48000(80000-32000)