Complete the income statement. Bay Side Videos had gross sales of $530,000 with returns of $6,300. The inventory on January 1 was $56,000. During the year $237,000 worth of goods was purchased with freight of $1,900. The inventory on December 31 was $56,000. Wages and salaries were $57,500, rent was $11,100, advertising was $4,000, utilities were $2,500, business taxes totaled $5,700, and miscellaneous expenses were $3,200.

Question

A. 1) $530,000, 2) $6,300, 3) $523,700, 4) $238,900, 5) $284,800,  
B. 1) $530,000, 2) $6,300, 3) $536,300, 4) $238,900, 5) $297,400,  
C. 1) $530,000, 2) $6,300, 3) $523,700, 4) $238,900, 5) $284,800,  
D. 1) $530,000, 2) $6,300, 3) $523,700, 4) $235,100, 5) $288,600,  

Answer 1

Answer: A