Arcoinc Income Statement For the year ended December 31, 2014 EE + Dance Son Income Statement of Statement Changes in Equity Debit Credit Debit Croat Accumulated Depreciation Office Foxtures 11.500 Accumulated Depreciation Store Fixtures 29.500 Cost Of Goods Sold 85,000 Depreciation Expense, Office Foxtures 7.000 Depreciation Expense, Store Fixtures 8,500 Dividends 18 500 Income Taxes Expense 31.400 Income Taxes Payable 31.400 Liabilities 90.500 Merchandise Inventory 225,000 Office Fodtures 132,000 Office Salaries Expense 81.500 Office Supplies Expense 91,000 Rent Eamed 250.000 Rent expense, office space 49,000 Retained Earrings 55,000 Sales 443,500 Sales Discounts 30,000 Sales Returns and Allowances 21,500 Sales Salaries Expense 129.500 Share Capital 177.500 Store Fixtures 145.500 Store Supplies Expense 33.500 Totals 567.900 693,500 521,000 395,400 Net Income 125,600 125 600 Totals 693,500 693,500 521,000 521,000 11:24 Arcoinc Income Statement For the year ended December 31, 2014 EE + Dance Son Income Statement of Statement Changes in Equity Debit Credit Debit Croat Accumulated Depreciation Office Foxtures 11.500 Accumulated Depreciation Store Fixtures 29.500 Cost Of Goods Sold 85,000 Depreciation Expense, Office Foxtures 7.000 Depreciation Expense, Store Fixtures 8,500 Dividends 18 500 Income Taxes Expense 31.400 Income Taxes Payable 31.400 Liabilities 90.500 Merchandise Inventory 225,000 Office Fodtures 132,000 Office Salaries Expense 81.500 Office Supplies Expense 91,000 Rent Eamed 250.000 Rent expense, office space 49,000 Retained Earrings 55,000 Sales 443,500 Sales Discounts 30,000 Sales Returns and Allowances 21,500 Sales Salaries Expense 129.500 Share Capital 177.500 Store Fixtures 145.500 Store Supplies Expense 33.500 Totals 567.900 693,500 521,000 395,400 Net Income 125,600 125 600 Totals 693,500 693,500 521,000 521,000 11:24