Complete the income statement. Central Data Inc. had gross sales of $211,000 with returns of $6800. The inventory on January 1 was $53,000. During the year $137,000 worth of goods was purchased with freight of $1500. The inventory on December 31 was $55,000. Wages and salaries were $53,900, rent was $12,000, advertising was $2200, utilities were $2100, business taxes totaled $5100, and miscellaneous expenses were $3900.

Question

A. 1) $211,000, 2) $6800, 3) $204,200, 4) $136,500, 5) $67,700,  
B. 1) $211,000, 2) $6800, 3) $204,200, 4) $136,500, 5) $67,700,  
C. 1) $211,000, 2) $6800, 3) $217,800, 4) $136,500, 5) $81,300,  
D. 1) $211,000, 2) $6800, 3) $204,200, 4) $133,500, 5) $70,700,  

Answer 1

Answer: B