Complete the income statement. Central Data Inc. had gross sales of $212,000 with returns of $5,100. The inventory on January 1 was $56,000. During the year $101,000 worth of goods was purchased with freight of $1,700. The inventory on December 31 was $53,000. Wages and salaries were $54,400, rent was $13,600, advertising was $2,200, utilities were $2,700, business taxes totaled $5,600, and miscellaneous expenses were $3,800.

Question

A. 1) $212,000, 2) $5,100, 3) $206,900, 4) $105,700, 5) $101,200,  
B. 1) $212,000, 2) $5,100, 3) $206,900, 4) $102,300, 5) $104,600,  
C. 1) $212,000, 2) $5,100, 3) $206,900, 4) $105,700, 5) $101,200,  
D. 1) $212,000, 2) $5,100, 3) $217,100, 4) $105,700, 5) $111,400,  

Answer 1

Answer: C