Create a Profit and Loss Statement (Income Statement) following the income statement format, using the items given below.

Cost of goods sold                 75,000

Sales                                      100,000

Commissions expense          5,000

Advertising expense             2,000

Interest expense                    500

Interest Revenues                  5,000

Office Supplies expense         3,500

Gain on sale of assets            3,000

Office equipment expense 2,500

Loss from lawsuit                   1,500

Answer rating: 100% (QA)

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