Given the following information, prepare in good form an income statement for the dental drilling company. (input all amounts as positive values.) selling and administrative expense $ 112,000 depreciation expense 73,000 sales 489,000 interest expense 45,000 cost of goods sold 156,000 taxes 47,000

Dental Drilling Company's Income Statement for the year shows Net Income of $56,000.

Please note that:

Explanation:

                                            Dental Drilling Company

                                                Income Statement

Sales                                                                    $489,000  

Less: Cost of Goods Sold                                    $(156,000)

Gross Profit                                                             $333,000  

Less: Expenses  

Selling and Administrative Expenses                     $(112,000)

Depreciation Expenses                                             $(73,000)

Earnings before Interest and Tax                      $148,000  

Less: Interest Expense                                             $(45,000)

Earnings Before Tax                                              $103,000  

Taxes                                                                     $(47,000)

Net Income                                                              $56,000  

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