Analyze income statement and balance sheet. A set of financial statements for Shelby's Music Inc. follows. (LO 4)

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Fill in the missing amounts.

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Sales Shelby's Music Inc. Income Statement For the year ended June 30, 2008 Cost of goods sold Gross profit on sales Administrative expenses Operating income Interest expense Income taxes Net income X 375,000 525,000 x 419,000 X 142,450 264,550 Cash Accounts receivable Inventory Equipment Total Shelby's Music Inc. Balance Sheet At June 30, 2008 $158,592 18,621 Accounts payable Notes payable $ 14,070 12,520 x 895,895 X Contributed capital Retained earnings Total X 425,000 $1,231,000