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Creating an Income Statement

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