I will rephrase my question. (1) the beginning merchandise was $92,000 and decreased 20% during the current year, (2) Sales discounts amount to $17,000, (3) 20,000 shares of common stock were outstanding for the entire year, (4) interest expense was $20,000, (5) The income tax rate is 30%, (6) Cost of goods sold amounts to $500,000, (7) Administrative expenses are 20% of cost of goods sold but only 8% of gross sales, (8) four-fifths of the operating expenses relate to sales activity.
Prepare and income statement in a single-step form