Income statement.   Use the data from the following financial statement in the popup window, Complete the partial income statement if the company paid interest expense of $18,100 for 2014 and had an overall tax rate of 40% for 2014. Complete the income statement below:  
(Round to the nearest dollar.)
Income Statement Year Ending 2014
Sales revenue $360,000
Cost of goods sold $150,000
Fixed costs $42,900
Selling, general, and administrative expenses $27,200
Depreciation $45,900 EBIT $
Interest expense $ 18100
Taxable income $
Taxes $
Net income $
Find the accumulated depreciation for 2014 first.
The accumulated depreciation for 2014 is:(Round to the nearest dollar.)

Income Statement Year Ending 2014

Sales revenue                      $360,000

Cost of goods sold               $150,000

Gross profit                           $210,000

Fixed costs                             $42,900

Selling, general, and

administrative expenses      $27,200

Depreciation                          $45,900

EBIT                                         $94,000

Interest expense                     $18,100

Taxable income                    $  75,900

Taxes                                     $ 30,360

Net income                          $  45,540

Find the accumulated depreciation for 2014 first.

The accumulated depreciation for 2014 is:_$45,900(Round to the nearest dollar.)

Explanation:

A company's income statement is one of the three financial statements prepared by the entity at the end of its fiscal period.  The statement compares the company's revenue with the expenses.  After deducting the total expenses from the total revenue, the net income or loss is obtained.  But before arriving at the net income or loss, there are other profit points that are usually calculated.  The first is the gross profit, which is the difference between the sales revenue and the cost of goods sold.  It shows the ability of the management to generate enough revenue to cover the cost of goods sold and make a profit from its trading or primary activities.

The next profit point is the Earnings before Interests and Taxes (EBIT).  This is an important index for checking the financial performance of a company.  The next is the Taxable Income on which the tax rate is determined and paid to government as Company Income Tax.  After deducting the tax expense from the pre-tax income, the final profit point is the After-Tax Income or the Net Income.  This determines the dividends policy and the share of retained earnings of the entity.

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