Prepare a multi-step income statement for the Appully Company (a clothing retailer) for the year ending December 31, 2003 given the information below:
|
Advertising expenditures
|
68,000
|
|
Beginning inventory
|
256,000
|
|
Depreciation
|
78,000
|
|
Ending inventory
|
248,000
|
|
Gross Sales
|
3,210,000
|
|
Interest expense
|
64,000
|
|
Lease payments
|
52,000
|
|
Management salaries
|
240,000
|
|
Materials purchases
|
2,425,000
|
|
R&D expenditures
|
35,000
|
|
Repairs and maintenance costs
|
22,000
|
|
Returns and allowances
|
48,000
|
|
Taxes
|
51,000
|