Prepare a 2020 income statement for Cullumber Corporation based on the following information:
Cost of goods sold
$490,000
Operating expenses
106,000
Other expenses and losses
30,500
Sales revenue
760,000
Tax rate
30%
CULLUMBER CORPORATION
Income Statement
For the Year Ended December 31, 2020
Sales Revenue
760,000
Cost of Goods Sold
490,000
Gross Profit
270,000
Operating Expenses
106,000