Question: Prepare a formal income statement from the following partial worksheet for Porters Pants Co. of Hantsport. PORTER'S PANTS CO. PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER

Prepare a formal income statement from the following partial worksheet for Porter€™s Pants Co. of Hantsport.

PORTER'S PANTS CO. PARTIAL WORKSHEET FOR YEAR ENDED DECEMBER 31, 2012 Income Statement r. Account Titles r. Income Summary Sales Sales Returns and Allow. Sales Discounts Purchases Purchases Returns and Allow. Purchases Discounts Freight-In Salaries Expense Insurance Expense Advertising Expense Rental Income Rent Expense Amortization Exp., Store Equip. Accrued Salaries 26 0 00 280000 370 00 11900 6400 87000 16700 12900 10200 30000 20000 15500 20000 215 00 200 00 259500 3556 00 Net Income 96100 355600 3556 00

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