FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Income Statement
The accountant for Dolfin Corporation prepared
the following income statement. The auditor
has asked you to use this statement to provide
additional information to Dolfin Corporation on
the Final Questions.
Dolfin Corporation
Income Statement
For the Year Ended December 31, 20Y8
Sales
$316,840
Expenses:
Cost of goods sold
$215,451
Selling expenses
41,189
Administrative expenses
34,852
Interest expense
275
Total expenses
(291,767)
Net income
$25,073
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Transcribed Image Text:Income Statement The accountant for Dolfin Corporation prepared the following income statement. The auditor has asked you to use this statement to provide additional information to Dolfin Corporation on the Final Questions. Dolfin Corporation Income Statement For the Year Ended December 31, 20Y8 Sales $316,840 Expenses: Cost of goods sold $215,451 Selling expenses 41,189 Administrative expenses 34,852 Interest expense 275 Total expenses (291,767) Net income $25,073
Final Questions
The auditor has asked you to prepare
additional information about Dolfin
Corporation's results for last year. Use the data
shown on the income statement in your
computations.
1. Compute the operating expenses for Dolfin
Corporation.
$1
2. Compute the gross profit for Dolfin
Corporation.
$1
3. Compute the operating income for Dolfin
Corporation.
$4
%24
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Transcribed Image Text:Final Questions The auditor has asked you to prepare additional information about Dolfin Corporation's results for last year. Use the data shown on the income statement in your computations. 1. Compute the operating expenses for Dolfin Corporation. $1 2. Compute the gross profit for Dolfin Corporation. $1 3. Compute the operating income for Dolfin Corporation. $4 %24
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