Complete the income statement. Cindy's Sweet Shop had gross sales of $370,000 with returns of $6,900. The inventory on January 1 was $50,000. During the year $181,000 worth of goods was purchased with freight of $1,900. The inventory on December 31 was $50,000. Wages and salaries were $23,100, rent was $8,700, advertising was $5,100, utilities were $2,300, business taxes totaled $5,400, and miscellaneous expenses were $3,500.

A. 1) $370,000, 2) $6,900, 3) $363,100, 4) $179,100, 5) $184,000,  
B. 1) $370,000, 2) $6,900, 3) $363,100, 4) $182,900, 5) $180,200,  
C. 1) $370,000, 2) $6,900, 3) $376,900, 4) $182,900, 5) $194,000,  
D. 1) $370,000, 2) $6,900, 3) $363,100, 4) $182,900, 5) $180,200,  


Answer: B

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