Create an income Statement

Exercise 3: Mace General Store Below you will find items for the income statement for Mace General Store for the year ending July 31, 2019. Assuming a tax rate of 21%, construct an income statement for this business. Be sure to follow all of the formatting conventions used in Bovee et al, including headings, alignment (see p. 415). Mace General Store (in USD) Selling expenses Net operating profit Other income Cost of goods sold Sales Returns and Allowances Gross income (profit) Gross sales General expenses Other expenses $130,410 107,532 5,000 805,077 5,050 296,332 1,106,359 55,890 2,400