Forta Company presents you with the following account balances taken from the 12/31/2019 trial balance.

Required:

Prepare a single-step income statement in proper form.

Sales

$200,000

Cost of Goods Sold

80,000

Cash

10,000

Selling Expenses

20,000

General and Administrative Expenses

15,000

Interest Income

3,000

Interest Expense

2,000

Accounts Receivable

15,000

Retained Earnings

60,000

Gain on Sale of Property

2,000

Accounts Payable

15,000

Additional data:

1.

10,000 shares of common stock were outstanding the entire year.

2.

The income tax rate is 35%.