Question: The items below are from an income statement, but are not in the final order that they should appear in the Income Statement. Take this information and construct a complete Income Statement from it. Some of the figures are missing. We are to calculate these.
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Net Income
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$83,962
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Income Taxes (Use 25% MTR)
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|
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Cost of Goods Sold
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|
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Gross Sales
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$826,250
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Beginning Inventory
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$125,000
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Selling Expenses
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$85,000
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Purchases
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$662,000
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General and Admin. Expense
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$118,300
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Ending Inventory
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$296,000
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Returns
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$20,000
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Net Sales
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|
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Income Before Taxes
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$111,950
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Using the income statement categories we come up with in part 1 of this assignment, we are to prepare an initial income statement for the first year of a business plan. Please expand on the sub-categories as appropriate. For example, for operating expenses list rent, utilities, payroll, depreciation expenses, insurance, etc.