From the following data, prepare in proper form an income
statement showing departmental gross profit (assume a 20% tax rate) for
Instant Stop for the year ended December 31, 201X.

Cash	$13,000
Accounts Receivable	8,000
Allowance for Doubtful Accounts	1,600
Equipment	16,000
Accumulated Depreciation, Equipment	8,700
Accounts Payable	10,200
B.Smith, Capital	11,000
B.Smith, Withdrawals	3,100
Sales, Grocery	20,000
Sales, Pizza	16,000
Sales Returns and Allowances, Grocery	2,100
Sales Returns and Allowances, Pizza	3,000
COGS, Grocery	8,000
COGS, Pizza	10,100
Total Operating Expenses	4,000