Income Statement on Statement Changes in Equtly Debit Credit Debit Credit Accumulated Depreciation, Store Equipment 42,500 Accumulated Depreciation, Store Fixtures 23,000 Cost Of Goods Sold 117,500 Depreciation Expense, Store Equipment 11,000 Depreciation Expense, Store Fixtures 13,000 Dividends 22,000 Insurance Expense 35,000 Liabilities 81,000 Merchandise Inventory. 135,500 Office Salaries Expense 57,000 Rent expense, office space. 51,500 Rent expense, selling space 71,000 Rent revenue 174,000 Retained Earnings. 147,000 Sales 306,500 Sales Discounts 6,000 Sales Returns and Allowances 7,500 Sales Salaries Expense 159,500 Share Capital 59,000 Store Equipment 92,500 Store Fixtures 54,000 Totals 529,000 480,500 304,000 352,500 Net Loss 48,500 48,500 Totals 529,000 529,000 352,500 352,500 Vision Consulting Inc. Income Statement For the year ended December 31, 2014 x x Net sales X + Gross profit from sales perating expenses Selling expenses Total selling expenses General and administrative expenses XN Total general and administrative expenses Total operating expenses Other revenues and expenses