Prepare an income statement using the following information: $$\begin{array} { l l }
\text { Gross profit margin } & 40 \% \
\text { Gross profit } & \$ 7,500 \
\text { Tax rate } & 35 \% \
\text { Operating profit } & \$ 400
\end{array}$$

Question

Prepare an income statement using the following information: $$\begin{array} { l l } 
\text { Gross profit margin } & 40 \% \
\text { Gross profit } & \$ 7,500 \
\text { Tax rate } & 35 \% \
\text { Operating profit } & \$ 400
\end{array}$$

Quizplus · Accepted Answer

The Answer of Prepare an income statement using the following information: $$\begin{array} { l l } 
\text { Gross profit margin } & 40 \% \
\text { Gross profit } & \$ 7,500 \
\text { Tax rate } & 35 \% \
\text { Operating profit } & \$ 400
\end{array}$$

Prepare an Income Statement Using the Following Information