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ACTIVITY: Raymart Superstore provided the following information for 2019. Income tax expense 580,000 Net sales 9,000,000 Finance Cost 200,000 Other Income 900,000 Other expenses 320,000

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ACTIVITY: Raymart Superstore provided the following information for 2019. Income tax expense 580,000 Net sales 9,000,000 Finance Cost 200,000 Other Income 900,000 Other expenses 320,000 Investment Income 500,000 Doubtful Accounts 40,000 Increase in Inventory (500,000) Taxes and Licenses 20,000 Net purchases 5,900,000 Depreciation 240,000 Employee benefit costs 1,400,000 Delivery expense 250,000 Sales commission 180,000 Supplies expense 120,000 Advertising 100,000 Prepare an income statement with Raymart Superstore year ended December 30,2019 with supporting notes

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