Identify the errors in the following income statement:


Identify the errors in the following income statement:

The Euclidian Company Income Statement For the Year Ended March 31, 2008

Revenue from sales:      

Sales  

$7,127,500  

Add: Sales returns and allowances

112,300    

Sales discounts

60,000

172,300  

Gross sales    

$7,299,800

Cost of merchandise sold    

4,175,100

Income from operations    

$3,124,700

Expenses:      

Selling expenses  

710,000  

Administrative expenses  

$525,000  

Delivery expense  

$18,100  

Total expenses    

1,253,100

Other expense:    

$1,871,600

Interest revenue      

Gross profit    

80,000      

$1,791,600

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