Complete the income statement. Frank's Nursery had gross sales of $2,273,000 with returns of $57,800. The inventory on January 1 was $567,000. During the year $1,130,000 worth of goods was purchased with freight of $5,600. The inventory on December 31 was $525,000. Wages and salaries were $81,600, rent was $10,200, advertising was $17,700, utilities were $5,200, business taxes totaled $8,500, and miscellaneous expenses were $6,100.
A. 1) $2,273,000, 2) $57,800, 3) $2,215,200, 4) $1,177,600, 5) $1,037,600, 
B. 1) $2,273,000, 2) $57,800, 3) $2,215,200, 4) $1,166,400, 5) $1,048,800, 
C. 1) $2,273,000, 2) $57,800, 3) $2,215,200, 4) $1,177,600, 5) $1,037,600, 
D. 1) $2,273,000, 2) $57,800, 3) $2,330,800, 4) $1,177,600, 5) $1,153,200, 
Answer: A
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