For this assignment you will be preparing all four financial statements for Dress Right Clothing Corporation. All of the information need to prepare the statements has been provided on the trail balance tab of the Excel Project 3 Excel file.

From the Trial Balance tab, use the information provided to prepare an Income Statement. Use Cell references for the account names as well as the dollar amount balances need to complete the statement.

Cash	$73,000			$46,750
Accounts Receivable	140,000			(1,500)
Supplies	1,200			400
Prepaid Rent	10,000			1,000
Inventory	110,000			9,600
Equipment	120,000			-
Accumulated Depreciation - Equipment		$71,400		4,000
Long-Term Investments	40,000			5,400
Accounts Payable		34,600		3,700
Deferred Revenue		7,800		(2,500)
Salaries Payable		500		(4,150)
Interest Payable		400		400
Notes Payable - due in 3 years		64,000		(216,700)
Common Stock		60,000		36,200
Retained Earnings		14,800
Dividends	19,900
Sales Revenue		1,425,480
Interest Revenue		4,600
Cost of Goods Sold	785,960
Salaries Expense	224,000			*-Beginning of year balance minus
Supplies Expense	8,920			end of the year balance. To be used
Rent Expense	120,000			for the Statement of Cash Flows.
Depreciation Expense	4,000
Interest Expense	5,600
Income Tax Expense	21,000
	$1,683,580	$1,683,580