Chapter 10
The Statement of Cash Flow
517
Vortex Manufacturing
Income Statement
For the Year Ended December 31, 2016
Sales
$2,650,000
Cost of Goods Sold
1,722,500
Gross Profit
927,500
Operating Expenses
Depreciation Expense
6,700
Other Operating Expenses
752,600
Total Operating Expenses
759,300
Operating Income
168,200
Other Expenses
Loss on Sale of Land
(5,000)
Operating Income before Tax
163,200
Income Tax
57,120
Net Income
$106,080
