$1.$ Revenues of $$8,000$ collected in advance are included in Sales Revenue.

$2.$ Accrued operating expenses of $$11,200$ are not recorded.

$3.$ Goods costing $$16,000$ are incorrectly included in ending inventory. $($They are being held on consignment.$).$ No purchase was recorded.

$4.$ Goods costing $$8,000$ are correctly included in ending inventory; however, no purchase was recorded $($assume a credit purchase$).$

Prepare a revised income statement on a correct basis.