Question: Presented below is information for Yu Co. for the month of January 2012. Cost of goods sold $212,000 Rent expense $32,000 Freight-out 7,000 Sales discounts

Presented below is information for Yu Co. for the month of January 2012. Cost of goods sold $212,000 Rent expense $32,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense 60,000 Sales revenue 370,000 (a) Prepare an income statement. Assume a 25% tax rate. YU Co. Income Statement For the Month Ended January 31, 2012

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