From the partial worksheet shown below, prepare a formal income statement. PORTER'S PANTS CO. PARTIAL WORKSHEET FOR

From the partial worksheet shown below, prepare a formal income statement.

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PORTER'S PANTS CO. PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 2012 Income Statement Cr. Account Titles Dr. Income Summary Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Salaries Expense Insurance Expense Advertising Expense Rental Income Rent Expense Amortization Exp., Store Equipment Accrued Salaries 30000 29500 410000 145 00 17500 200000 17500 8500 5000 36000 27500 16500 23000 22500 11500 381000 488500 Net Income 107500 488 500 488500