Complete the multi step income statement from Computer King

- (5 points) b Computer King Income Statement For the Year Ended December 31, 1998 Revenue from Sales: Sales Less: Sales returns & allowances $6.140 Sales discounts Net Sales Cost of Goods Sold: Begining Inventory_ Purchases la 315 X (b) 240 uvo 11.930 (C) . 10 425,305 Purchase Returns & Alla le Id 551,096 Purchase Discount Net Cost of Purchase 375 5 25 Freight in 10 . Total Cost of Purchase 1,025 1. (g) 50,500V Inventory. Available for Sale Less: Ending Inventory (h) .05 950,000 Cost of Goods Sold 25,805 - Gross Profit = Not Sale OGT T , $712,450) Operating expenses: 5 Selling expenses: Sales Salaries Expens $60,030) Advertising expense 0.10.18 Depr. Expense-store equipment 3,100 Miscellaneous . 630 Total selling expenses L J 4,560 Administrative expenses: Office salaries expense -$21020 Rent expense . (k) 8.10 Depr. Expense-office equipment 12.490 Insurance expense V. 1,910 Office supplies expense . 610 . Misc. administrative expense C 760 Total administrative expenses 34,890 Total operating expenses 00X Income from Operations . In Other Income: Interest income $3,800 Rent income . (m) - . Total other income T o ko.. Other expense: 2,440 1,960 Interest expense $604,900 Income before income tax 6101