1. Presented below is the partial trial balance of Mary J. Blige Corporation at December 31, 2002. Prepare a partial income statement. MARY J. BLIGE CORPORATION Partial Trial Balance Year Ended December 31, 2002 Account Title Debit Credit Purchases discounts S 8,000 Purchases returns and allowances 2,000 Sales 1,000,000 Sales discounts $ 14,500 Sales returns 17.500 Freight-in 20.000 Purchases 610,000 Freight-out 5,000 Merchandise Inventory, January 1, 2002 89,000 Merchandise Inventory. December 2002 124,000 2a. Below are manufacturing costs incurred by Emmanuel Oniface Manufacturing Plant for the year ended December 31, 2009. Using the information, prepare the cast of goods manufactured schedule. Beginning Work-In-Process $80,000 Information for the determination of the Cost of Direct Material Used is as follow: Beginning Inventory of Direct Materials $40,000 Purchases of Materials $90,000 $ Purchases Discount S3.000 Purchases Retums & Allowances $2.000 Transportation in 7.000 Ending Inventory of Material 30,000 OTHER MANUFACTURING COSTS INCURRED ARE AS FOLLOWS: Direct Labor 80,000 Factory Overhead 120,000 Ending Work-in-process $190,000 2b. In addition to the information used for the computation of the above cost of goods manufactured, assuming that Emmanuel Onifade Manufacturing Company provides the following information, prepare an income statement for the company Sales $500,000 Sales Discount $ 20,000 Sales returns and allowances 10,000 Selling expenses 40,000 Administrative Expenses 30,000 Gain on sale of land 5,000 Interest Income 2,000 Loss on sale of Building 4,000 Interest expense 1,000 Income Tax Rate 30% Beginning Inventory of Finished goods $60,000 Ending Inventory of Finished goods $10,000 INSTRUCTION: Prepare an Income Statement for Emmanuel Onifade Manufacturing Company