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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