The following financial statements are for Troi Company. Consider the following additional information:
(a) All accounts payable relate to inventory purchases.
(b) Property, plant, and equipment sold had an original cost of $75,000 and a book value of $22,000.
Troi Company
Comparative Balance Sheet
December 31, 2013 and 2012

Troi Company
Statement of Cash Flows
For the Year Ended December 31, 2013

Instructions:
Prepare the income statement for Troi Company for the year ended December 31, 2013?

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2013 Assets Cash Accounts receivable $4,000 3,400 18,000 34,000 25,000 30,000 broo 305,000 320,000 (128,900) Patent 36,000 Total assets Liabilities and Stockholders' Equity Accounts payable $291,500 $ 25,000 12,000 2,800 14,000 1,600 100,000 50,000 96,800 $302,200 S 22A) 10,300 A,000 Dividends payable Income taxes payable 1,200 120)) 50,000 84,000 $291,500 Common stock. Retained earnings Total liabilities and stockholders' equity Cash flows from operating activities: Cash collected from customers $685,300 Cash payments for: Inventory purchases 102,000 150,000 11,000 23,900 Wages expense Income tax expense. 586,900 $98,400 Cash flows from investing activities: Sale of property, plant, and equipment. Purchase of property, plant, and equipment Net cash used in investing activities $ 27,200 (32,800) Cash flows from financing activities: $(23,000) (42,000) Payment of dividends Net cash used in financing activities $ 600 3,400 Net increase in cash Cash at end of year