Create a multi step income statement with a tax rate of 25%.

Accounts	Debit	Credit
Cash	$ 798,185
Accounts Receivable	$ 334,000
Allowance for Doubtful Accounts		$ 19,700
Inventory	$ 197,700
Prepaid Rent	$ 9,000
Prepaid Insurance	$ 6,000
Equipment	$ 300,000
Delivery Truck	$ 75,000
Accumulated Depreciation (equipment)		$ 9,000
Accumulated Depreciation (delivery truck)		$ 1,250
Accounts Payable		$ 336,000
Unearned Revenue		$ -
Wages Payable		$ 15,000
Interest Payable		$ 518
Notes Payable		$ 123,897
Common Stock		$1,000,000
Retained Earnings		$ 9,292
Sales		$ 490,000
Utilities Expense	$ 3,900
Cost of Goods Sold	$ 188,300
Wages Expense	$ 60,000
Bad Debt Expense	$ 20,700
Depreciation Expense	$ 7,250
Interest Expense	$ 622
Rent Expense	$ 2,000
insurance expense	$ 2,000
Total	$2,004,657	$2,004,657