Question 5 1 pts Based on these figures below and using the Income Statement Form , create an Income Statement. Once you have calculated the Statement, fill in the answers in the text boxes below. Beginning Inventory 25,000 Income Taxes (at 25%) 108,500 Selling Expenses 220,000 Cost of Goods Sold 61,000 Ending Inventory 36,000 Gross Sales 780,000 Sales Returns and Discounts 10,000 Gross Profits 709,000 Net Income Taxes 325,500 Fill in the Answers (numbers only do not use decimals): Net Sales: General and Administrative Expenses: $ Net Income Before Tones $ Inventory Purchases: Question 6 1 pts Based on the scenario, you will complete an Income Statement Read the scenario below. Identity pertinent information and use it to Min rumbers on the income statement form. Not all information is necessary to complete the statement. When needed, port of dollars but do not leave unnecessary boxes empty. Please round all figures to whole dollars. You may need to use scratch paper Wally started a weekend widget stand on his lindlods front own with a $2000 inheritance owner investment. Heeled on his brightly colored stand drive by cratic and word-of-mouth to attract antomers. The stand was a market value of $500 Wally paid his landlord 515 up front for a year of town space and sertarether 5150 on the stard which has a lifespan of four years. The city head about his scheme and charged him $30 for a permit his first year of business. Waly acesuired 1000 widects for $1.00 each and sold all but soal them markup Due to a defect in some of the product he discounted a total of $10 Additional costs located 530.00 in UPS is avid $10.00 for 1000 bags Sales tax amounted to 510. The Marginal Tax Rate (MTR 25% Thesed on the ven Ways Widgets scenario, to in the numbers below. DO NOT ne the dollar sig, rumbers only. Make sure to include parentheses when necessary Ways Wides Income Statement For the year ended December 31,20 Gross Sales Salesmand Foto Costol Goods sold Bew News 679 Delivery Expenses Advertising Expenses Salaries Miscellaneous Expenses Sales Taxes Paid Total Selling Expenses General Admin. Expenses Rent Expenses Ulities Expenses Insurance Expenses Wages Permits and comes Depreciation Expenses Total General and Admin penses Less: Total Operating Expenses ch O