Income Statement

Use the information provided in the tables below to complete the Income Statement.

Enter your answers in the blank boxes provided in the last column of the Income Statement.

When entering answers: Use comma separators, DO NOT use the dollar sign, DO use a negative sign to indicate negative values.

Correct answer format examples: 100,000 or -1,000

Incorrect answer format examples: $100,000 or 100000 or (1,000)

ASSETS	Beginning	Ending
Accounts Receivable	16,000	20,000
Prepaid Expenses	6,000	9,000
Inventories	17,000	14,000
Supplies	7,000	3,000
Machinery and Equipment	250,000	223,000
LIABILITIES
Accounts Payable	9,000	14,000
Other Accrued Expenses	3,000	7,000
Accrued Interest	3,000	2,000
Accrued Taxes	21,000	25,000
Current Portion of Deferred Taxes	7,000	9,000
Non-Current Portion of Deferred Taxes	11,000	13,000

OTHER INFORMATION
Owner withdrawals for family living	67,000
Principal payments on long-term debt	7,500
Machinery sold for $5,000 with a tax basis of $10,000	???

INCOME STATEMENT
REVENUES
Cash Sales		404,000
Inventories adjustment	+
Accounts receivable adjustment	+
Gross Revenue
OPERATING EXPENSES
Cash Operating Expenses		225,000
Accounts Payable adjustment	+
Prepaid Expenses adjustment	-
Supplies adjustment	-
Work in Progress adjustment	-	0
Other Accrued Expenses adjustment	+
Depreciation Expense		20,000
Total Operating Expenses
INTEREST EXPENSES
Cash Interest Expense		11,000
Accrued Interest Adjustment	+
Total Interest Expense
Total Operating and Interest Expense
Net Income from Operations
Gains/Losses on Sales of Capital Assets
Income Before Taxes
TAX EXPENSES
Cash Tax Expenses		24,000
Accrued Taxes adjustment	+
Current Portion of Deferred Taxes adjustment	+
Total Tax Expense
NET INCOME