Question: Prepare an income statement based on the following data: 1 Merchandise inventory 30,000 (1. Jan) 2 Purchases 50000 3 Sales income 200000 4 Merchandise

Prepare an income statement based on the following data:1 Merchandise inventory 30,000 (1. Jan)2 Purchases 500003 Sales in

Prepare an income statement based on the following data: 1 Merchandise inventory 30,000 (1. Jan) 2 Purchases 50000 3 Sales income 200000 4 Merchandise inventory (Dec. 31) 12,000 5 Purchase returns 12000 6 Total selling expenses 12000 7 Total general expenses 10000 8 Sales retuns 4000 6000 90000 85000 13650

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