Chapter 10
The Statement of Cash Flow
501
Vispara Company
Income Statement
For the Year Ended December 31, 2016
Sales
$380,000
Cost of Goods Sold
247,000
Gross Profit
133,000
Expenses
Depreciation Expense
5,000
Other Operating Expenses
29,600
Total Expenses
34,600
Operating Income
98,400
Other Revenue (Expenses)
Loss on Sale of Equipment
(5,400)
Gain on Sale of Land
5,000
Operating Income before Tax
98,000
Income Tax Expense
29,400
Net Income (Loss)
$68,600
Notes
The company paid cash dividends during 2016.
The company did not make a bank loan payment during 2016.
The company did not purchase any equipment during 2016.
The company did not purchase any land during 2016.
