Complete the income statement. Bay Side Videos had gross sales of $610,000 with returns of $5800. The inventory on January 1 was $50,000. During the year $213,000 worth of goods was purchased with freight of $1500. The inventory on December 31 was $57,000. Wages and salaries were $58,000, rent was $13,700, advertising was $4300, utilities were $2900, business taxes totaled $5500, and miscellaneous expenses were $3100.
A. 1) $610,000, 2) $5800, 3) $604,200, 4) $207,500, 5) $396,700, 
B. 1) $610,000, 2) $5800, 3) $604,200, 4) $204,500, 5) $399,700, 
C. 1) $610,000, 2) $5800, 3) $615,800, 4) $207,500, 5) $408,300, 
D. 1) $610,000, 2) $5800, 3) $604,200, 4) $207,500, 5) $396,700, 
Answer: D
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