Exercise 228 (Part Level Submission)

The adjusted trial balance of McCoy Company included the following selected accounts:

` Debit Credit

Sales Revenue $645,000

Sales Returns and Allowances $50,000

Sales Discounts 9,500

Cost of Goods Sold 396,000

Freight-Out 2,000

Advertising Expense 15,000

Interest Expense 19,000

Salaries and Wages Expense 84,000

Utilities Expense 23,000

Depreciation Expense 3,500

Interest Revenue 25,000

MCCOY COMPANY

Income Statement

For the Year Ended December 31, 2017