Multiple-step income statement
Identify the errors in the following income statement:
| Curbstone Company Income Statement For the Year Ended August 31, 2014 | |||
| Revenue from sales: | |||
| Sales | $9,132,000 | ||
| Add: Sales returns and allowances | $422,000 | ||
| Sales discounts | 115,000 | 537,000 | $9,669,000 |
| Gross sales | 6,110,000 | ||
| Cost of merchandise sold | |||
| Income from operations | |||
| Expenses: | |||
| Selling expenses | $800,000 | ||
| Administrative expenses | 575,000 | ||
| Delivery expense | 425,000 | ||
| Total expenses | 1,800,000 | ||
| $1,759,000 | |||
| Other expense: | |||
| Interest revenue | 45,000 | ||
| Gross profit | $1,714,000 | ||
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