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A partial work sheet for McKnight Music Store is presented here. The merchandise inventory at the beginning of the fiscal period was $$47,416.$ W$.$ J$.$ McKnight, the owner, withdrew $$41,310$ during the year.

McKnight Music Store

Work Sheet

For Year Ended December $31,20--$

INCOME STATEMENT

ACCOUNT NAME DEBIT CREDIT

Sales $325,752\mathrm{.}00$

Sales Returns and Allowances $4,417\mathrm{.}00$

Sales Discounts $1,794\mathrm{.}00$

Interest Income $946\mathrm{.}00$

Purchases $190,920\mathrm{.}00$

Purchases Returns and Allowances $1,611\mathrm{.}00$

Freight In $8,750\mathrm{.}00$

Wages Expense $39,264\mathrm{.}00$

Rent Expense $10,711\mathrm{.}00$

Commissions Expense $8,309\mathrm{.}00$

Supplies Expense $1,841\mathrm{.}00$

Interest Expense $1,204\mathrm{.}00$

Income Summary $47,416\mathrm{.}0047,893\mathrm{.}00$

Insurance Expense $2,720\mathrm{.}00$

Depreciation Expense, Building $4,032\mathrm{.}00$

Depreciation Expense, Equipment $4,450\mathrm{.}00$

$325,828\mathrm{.}00376,202\mathrm{.}00$

Net Income $50,374\mathrm{.}00$

$376,202\mathrm{.}00376,202\mathrm{.}00$Prepare an income statement.

McKnight Music Store

Income Statement

For Year Ended December $31,20--$