QUESTION 4 Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Cash Rent Deposit Inventory Total Assets $14,900 $5,000 $20,000 $39,900 Loans Payable Total Liabilities Stock Retained Earnings Total Equity Total Liab. and Equity $9,500 $9,500 $25,000 $7,000 $32,000 $41,500

Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Transactions (Panuary 1 - March 31.20x1) Show the income statement for the quarter. You will need to calculate tax at 30%. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} Sample Store Income Statement \\ Quarter Ended March 31, 20x1 \end{tabular}} \\ \hline Revenue & $0 & \\ \hline Cost of Goods Sold (4,000x \$12) & $0 & \\ \hline Gross Margin & & 0 \\ \hline Advertising/Promotion & $0 & \\ \hline Payroll Expense & $0 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Payroll Expense & $0 & \\ \hline Other Expense & $0 & \\ \hline Total Expenses & & $0 \\ \hline Profit Before Taxes & & 0 \\ \hline Taxes (C 30\%) & & $0 \\ \hline Profit After Taxes & & {0 \\ \hline \end{tabular} Below is the balance sheet for a store at the end of the first year, and transactions for the first quarter of the following year. Balance Sheet (December 31, 20x0) Transactions (Panuary 1 - March 31.20x1) Show the income statement for the quarter. You will need to calculate tax at 30%. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{\begin{tabular}{l} Sample Store Income Statement \\ Quarter Ended March 31, 20x1 \end{tabular}} \\ \hline Revenue & $0 & \\ \hline Cost of Goods Sold (4,000x \$12) & $0 & \\ \hline Gross Margin & & 0 \\ \hline Advertising/Promotion & $0 & \\ \hline Payroll Expense & $0 & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline Payroll Expense & $0 & \\ \hline Other Expense & $0 & \\ \hline Total Expenses & & $0 \\ \hline Profit Before Taxes & & 0 \\ \hline Taxes (C 30\%) & & $0 \\ \hline Profit After Taxes & & {0 \\ \hline \end{tabular}