Introduction to Financial Statements - Practice Problem 3 - Income Statement Prepare an income statement using the following items were taken from the accounting records of "Eltawfik" company. Accounts Payable 57,000 Long-term investments 35,000 Accounts Receivable 32,000 Trademarks 6,000 Building 255,000 Accrued Expenses 9,000 Cash 15,000 Short-term Notes Payable 35,000 Equipment 76,000 Common Stock 1,000 Retained Earnings 411.000 Interest Receivable 2,000 Prepaid Expenses 12,000 Inventory 82,000 Sales 123,000 Dividends paid 25,000 Salary Expense 22,000 Cost of Goods Sold 62,000 9.000 Utility Expense 8,000 Income Tax Expense