Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 199,000 shares of $5-par-value common stock for $995,000 in cash. b. Borrowed $530,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid $390,000 in salaries for the year. d. Purchased $710,000 of merchandise Inventory on account during the year. e. Sold Inventory costing $570,000 for a total of $910,000, all on credit. f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. g. Purchased $190,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $139,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded. 1. Incurred and paid utilities expense of $35,000 during the year. J. Collected $845,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $58,300 of Interest on the note due to Oglesby National Bank. I. At year-end, accrued $20,000 of past-due December rent on the sales facilities. Required: a. Prepare an income statement (Ignoring Income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint. You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Reminder: Increases to expenses should be entered as negative numbers to show the impact on net Income. See Exhibit 4.3. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Prepare an income statement (ignoring income taxes) for Kissick Co.'s first year of operations as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Reminder: Increases to expenses should be entered as negative numbers to show the impact on net income. See Exhibit 4.3. KISSICK CO. Income Statement $ 0 $ $ 0 < Required A1 Required A2 > Following are the transactions and adjustments that occurred during the first year of operations at Kissick Co. a. Issued 199,000 shares of $5-par-value common stock for $995,000 in cash. b. Borrowed $530,000 from Oglesby National Bank and signed a 11% note due in three years. c. Incurred and paid $390,000 in salaries for the year. d. Purchased $710,000 of merchandise Inventory on account during the year. e. Sold Inventory costing $570,000 for a total of $910,000, all on credit. f. Paid rent of $220,000 on the sales facilities during the first 11 months of the year. g. Purchased $190,000 of store equipment, paying $51,000 in cash and agreeing to pay the difference within 90 days. h. Paid the entire $139,000 owed for store equipment and $620,000 of the amount due to suppliers for credit purchases previously recorded. 1. Incurred and paid utilities expense of $35,000 during the year. J. Collected $845,000 in cash from customers during the year for credit sales previously recorded. k. At year-end, accrued $58,300 of Interest on the note due to Oglesby National Bank. I. At year-end, accrued $20,000 of past-due December rent on the sales facilities. Required: a. Prepare an income statement (Ignoring Income taxes) for Kissick Co.'s first year of operations and a balance sheet as of the end of the year. (Hint. You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) Reminder: Increases to expenses should be entered as negative numbers to show the impact on net Income. See Exhibit 4.3. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Prepare a balance sheet as of the end of the year. (Hint: You may find it helpful to prepare a T-account for the Cash account since it is affected by most of the transactions.) (Amounts to be deducted and net loss should be indicated with minus sign.) Reminder: Increases to expenses should be entered as negative numbers to show the impact on net income. See Exhibit 4.3. Show less A Total current assets Total assets KISSICK CO. Balance Sheet Assets: S Liabilities: Total current liabilities Total liabilities Stockholders' Equity: Total Stockholders' equity Total liabilities and stockholders' equity 3 0 S 0 Selected Information taken from the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit General and administrative expenses $413,000 82,000 Net cash used by investing activities 106,000 Dividends paid 55,000 Interest expense 60,000 Net sales 741,000 Advertising expense Accounts payable Income tax expense 76,000 101,000 83,000 43,000 Other selling expenses Required: a. Calculate Income from operations (operating Income) for the year ended December 31, 2019. Income from operations b. Calculate net income for the year ended December 31, 2019. Net income