Prepare an income statement from the following:
- Accounts Receivable $39,120 Income Tax $32,700
- Accumulated Depreciation $60,540 Prepaid Insurance $4,680
- Administrative Expenses $90,000 Note Payable $77,750
- Retained Earnings $85,000 Salaries Payable $3,060
- Cost of Merchandise Sold $550,000 Sales (net) $950,000
- Common Stock $65,000 Selling Expenses $102,000
- Interest Revenue $10,000 Supplies $3,125
Please show work; for instance if one of the items on the statement is operating profits, please include which account it includes. For example, Operating profits.