Create an Income Statement

Income Statement Exercise 1: Fashion, Inc. Below you will find items for the income statement for Fashion, Inc. for the month ended September 30, 2019. Construct an income statement for this business. Assume a tax rate of 21%. Fashion, Inc. Net sales Net purchases Beginning inventory Gross profit Selling expenses General and administrative expenses Ending inventory $450,000 $260,000 $350,000 $160,000 $90,000 $40,000 $320,000 + Fashion, Inc. Income Statement Year ended December 31, 2019 Revenues Gross Sales $450,000 Net Sales $450,000