Analyze income statement and balance sheet. A set of financial statements for Seminole Company follows. (LO 4)

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Fill in the missing amounts (indicated with question marks).

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Seminole Company Income Statement For the year ended 12/31/07 Sales $600,000 Cost of goods sold ? Gross profit on sales 375,000 Administrative expenses 54,000 Operating income ? Interest expense 6,000 Income tax expense Net income 94,500 ? Seminole Company Balance Sheet At 12/31/07 Cash $ 7 Accounts payable $ 13,350 Accounts receivable 13,024 Notes payable 9,830 Inventory 43,271 Equipment Total 972,684 Contributed capital 605,000 Retained earnings ? $1,129,780 Total ?