2. Create a proper income statement from the financial data, organized into the appropriate categories and headings

Inventory 6,500

SG&A 800

Cash 20,000

Common Stock 150,000

Notes Payable 1,200

Operating Expenses 1,300

Interest Expense 900

Net Sales 14,000

Depreciation Expense 850

Accounts Receivable 9,000

Accounts Payable 6,000

Cost of Goods Sold 5,000

Gross PP&E 200,000

Accumulated Depreciation 45,000

Taxes 1,300

Retained Earnings ?