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Discuss the balances of the accounts appearing in the ledger

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Instructions On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:

Accumulated Depreciation-Building $742,600
Administrative Expenses 515,600
Building 2,552,350
Cash 170,400
Common Stock 295,050
Cost of Merchandise Sold 3,903,350
Dividends 167,900
Interest Expense 10,200
Merchandise Inventory 1,000,900
Notes Payable 254,900
Office Supplies 20,350
Retained Earnings 1,315,950
Salaries Payable 8,050
Sales 6,618,600
Selling Expenses 706,050
Store Supplies

86,700

I need to create an income summary and this is what I have so far. I just need help with the last 2 lines.

Reference no: EM131757768

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