Year Ended December $31,20$X$1$

Cash Collected from Customers $ $148,500$

Cost of Goods Sold

Merchandise Inventory, January $1$ $ $49,000$

Payments to Suppliers $79,500$

$128,500$

Less: Merchandise Inventory, December $3137,000$

Cost of Goods Sold $91,500$

Gross Profit on Sales $57,000$

Operating Expenses

Automobile Expense $17,280$

Salaries of Employees $50,200$

Payroll Taxes Expense $4,500$

Rent Expense $13,500$

Advertising Expense $3,000$

Utilities Expense $4,600$

Total Expenses $93,080$

Net Loss $ $(36,080)$

Additional information provided by owner:

All sales were for cash.

The beginning and ending merchandise inventories were valued at their estimated selling price. The actual cost of the ending inventory is estimated to be $$31,000.$ The actual cost of the beginning inventory is estimated to be $$39,000.$

On December $31,20$X$1,$ suppliers of merchandise are owed $$30,000.$ On January $1,20$X$1,$ they were owed $$23,500.$

The owner paid her personal monthly car lease of $$1,440$ per month using business funds and charged this amount to the Automobile Expense account.

A check for $$990$ to cover the December rent on the owner$$s personal apartment was issued from the firm$$s bank account. This amount was charged to Rent Expense.

Using the additional information provided by the owner, prepare an income statement in accordance with generally accepted accounting principles. $($Input all amounts as positive values except "Net loss" which should be indicated with a minus sign.$)$