Complete the income statement. Cindy's Sweet Shop had gross sales of $374,000 with returns of $6100. The inventory on January 1 was $53,000. During the year $211,000 worth of goods was purchased with freight of $2300. The inventory on December 31 was $55,000. Wages and salaries were $23,500, rent was $8700, advertising was $5100, utilities were $2500, business taxes totaled $5800, and miscellaneous expenses were $2100.
A. 1) $374,000, 2) $6100, 3) $367,900, 4) $211,300, 5) $156,600,
B. 1) $374,000, 2) $6100, 3) $367,900, 4) $211,300, 5) $156,600,
C. 1) $374,000, 2) $6100, 3) $380,100, 4) $211,300, 5) $168,800,
D. 1) $374,000, 2) $6100, 3) $367,900, 4) $206,700, 5) $161,200,
Answer: A
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