Construct a simple income statement that calculates net income given the following information: cost of goods sold: 200 income taxes: 100 general and administrative expenses: 50 depreciation expense: 150 revenue: 1,000

Explanation:

The construction of the simple income statement is presented below:

Sales revenue                                           $1,000

Less: Cost of goods sold                          -$200

Gross profit                                                $800

Less: Operating expenses

General and administrative expenses    -$50

Depreciation expense                             -$150

Profit before tax                                        $600

Less: income tax                                       -$100

Net income                                                $500

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