Calculate Net Income or Net Loss, follow the format of a multiple step income statement.

S/T = Short Term

L/T = Long Term

Common Stock (13,000 shares outstanding) $52,000

Accrued Expenses (Payables) 20,000

Miscellaneous Operating Expenses 50,000

Accounts Receivable 20,000

Buildings 186,000

Retained Earnings ???????

Wages Expense 60,000

Inventory 40,000

Accumulated Depreciation - Buildings 48,000

Accounts Payable 41,000

Gain on Sale of Equipment 62,000

Land 50,000

Bad Debt Expense 2,000

L/T Investments 7,000

Notes Receivable ($2,000 S/T) 13,000

Marketable Securities 62,000

Interest Expense 4,000

Sales Discounts $5,000

Income Tax Expense (25% of IBIT) ?????

Cash 142,000

Notes Payable (due in 5 years) 12,000

Rent Expense .. 11,000

Unearned Revenue .. 19,000

Allowance for Uncollectible Accounts .. 15,000

Sales .. 433,000

Mortgage Payable (12,000 S/T) .. 144,000

Sales Returns and Allowances .. 12,000

Depreciation Expense .. 11,000

Cost of Goods Sold .. 109,000

Interest Revenue .. 3,000