Chapter 10
The Statement of Cash Flow
491
Breakwater Boats
Income Statement
For the Year Ended December 31, 2016
Sales
$562,000
Cost of Goods Sold
365,300
Gross Profit
196,700
Operating Expenses
Depreciation Expense
1,700
Other Operating Expenses
61,200
Total Operating Expenses
62,900
Operating Income
133,800
Other Revenue
Gain on Sale of Land
6,000
Operating Income before Tax
139,800
Income Tax Expense
48,930
Net Income
$90,870
