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    Creating an Income Statement

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    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.

    Net Income $83,962
    Income Taxes (Use 25% MTR)
    Cost of Goods Sold
    Gross Sales $826,250
    Beginning Inventory $125,000
    Selling Expenses $85,000
    Purchases $662,000
    General and Admin. Expense $118,300
    Ending Inventory $296,000
    Returns $20,000
    Net Sales
    Income Before Taxes $111,950

    Using the income statement categories we came 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.

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    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.

    Net Income $83,962
    Income Taxes (Use 25% MTR)
    Cost of Goods Sold
    Gross Sales $826,250
    Beginning Inventory $125,000
    Selling Expenses $85,000
    Purchases $662,000
    General and Admin. Expense $118,300
    Ending Inventory $296,000
    Returns $20,000
    Net Sales
    Income Before Taxes $111,950

    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

    $2.19

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