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P5. Use your knowledge of income statements to fill in the missing items:SALES – $——COST OF GOODS SOLD – $575,000GROSS PROFIT – $1,600,000GENERAL AND ADMINISTRATIVE EXPENSE – $200,000SELLING AND MARKETING EXPENSE – $——DEPRECIATION – $50,000OPERATING INCOME – $——INTEREST – $100,000INCOME BEFORE TAXES – $——INCOME TAXES (30%) – $——NET INCOME – $700,000
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