General Journal and T-Accounts

Andover Income Statement for Year ended December 31, Year 0 \begin{tabular}{|l|r|} \hline Revenues & \\ \hline Sales Revenue & $190,500 \\ \hline Expenses & \\ \hline Cost of Goods Sold & (110,500) \\ \hline R \& D Expense & (10,000) \\ \hline Sales Commissions & (2,000) \\ \hline Marketing Expense & (5,000) \\ \hline Insurance Expense & (6,000) \\ \hline Other Operating Expenses & (27,500) \\ \hline Income from Operations & $29,500 \\ \hline Interest Income & 500 \\ \hline Income before Taxes & 30,000 \\ \hline Income Tax Expense & (9,500) \\ \hline Net Income & 20,500 \\ \hline \end{tabular}