Prepare an income statement showing revenues

Reference no: EM13133555

Grope Corporation began operations at the start of 2012.During hte yyear, it made cash and credit sales totaling $974,000 and collected $860,000 in cash from its customers. It purchased inventory costing $508,000, paid $25,000 for dividentds and the cost of goods sold was $445,000. The coropration incurred the following expenses:
salary expense $180,000
interest expense $15,000
insurance expense $10,000
supplies expense $18,000
income tax expense $65,000

required:
prepare an income statement showing revenues, expenses, pretax income, income tax expense, and net income for the year ended december 31,2012.

Reference no: EM13133555

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