ABC Tile Company

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ABC Tile Company has the following items on its year-end trial balance:

12/31/22

Net sales

$500‚000

Common stock

100,000.00

Insurance expense

75,000.00

Wages

50,000.00

Cost of goods sold

100,000.00

Cash

40,000.00

Accounts payable

25,000.00

Interest payable

25,000.00

(a)What is the company’s gross profit?

(b) What is the company’s Net Income?

(c) Prepare an income statement in proper format with a three line heading.

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