Prepare a properly formatted Income Statement using the following line item entries. This Income Statement is worth 50 points, Remember these items are in random order! Do your best! dasi .dao etnio20 550.00 s noiteup ei a 2irig ttoai Advertising Ending Inventory gu ant ilea fr 26,500.00 Service Revenue r t 1 Ink dst nd n 650,500.00 Payroll Taxes otesle el kn luae al h o d s 1 oi205,000.00 Purchases i h itbeo s gsurle oel s t 750,650.00 ovlet a ntte s so t mo inmit v75.000.00 12,065.00 285,000.00 Travel Lease payments seiabt evorano Employee Benefits L ot g usn s – noitihe5,000,00 le be yo fse beenel b2,335,650.00 o Income Taxes Sales Revenue Gen & Administrative Expense Interest Revenue Scot314,000.00 31,050.00 it elgoonet 17.050.00 hid Other Cost of Goods Sold Selling Expenses Consulting Fees Interest Expense Salaries 82,300.00 i seduelt so a t 75,000.00 16,757.00 tonb r aea785.000.00 350,000.00 -43,000,00 45,000,00 Wages Sales return and allowances Beginning Inventory 133,050.00 Insurance f te m-83,065.00 55,000.00 e 67,510.00 Less Purchase discounts Software Maintenance& Repairs Rent 385,750.00 Calculate the following: Net Sales Reyenue (This includes all sales and service revenues) Goods Available for Sale (Remember formula: Beginning Inventory; plus Purchases: plus Other Cost of Goods Sold; Minus Purchase Discounts; plus oit freight-in; minus purchase returns and allowances Costs of Goods Sold (Goods Available for sale minus Ending Inventory) Gross Margin (Net Sales Revenue minus Cost of Goods Sold) Total Operating Expenses (Sum of all Operating Expenses) Operating Income (Gross margin Minus Total Operating Expenses) Income before Taxes (Operating Income Minus Interest Expense Plus Interest Revenue) Net Income (Income before Taxes minus Income Taxes) tea
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