I don't really understand what I'm looking for. Could someone please help me understand enough where I am able to make a new income statement please.

Help Save text Hetried Cox owner of Cox Video Center , sent the Income statement shown below to several of his creditors who had asked for financial Statements The business is a sole proprietorship that sells audio and other electronic equipment One of the creditors booklet over the meetme statement and reported that I did not conform to generally accepted accounting principles Cox Video Center Income 5 attoment December 31 . 2819 Cash Collected row Customers SAYS , ONE Cost of Good sold Merchandise Inventory , Jan AND Payments to Suppliers AND 31 360 Last Merchandise Inventory , Dec . 31 80 Cost of Goods sold 436 985 Gross Profit on Sale 289 080 Operating Expenses Salaries of Employees Salary of Owe 1 208 Office Expense $2 , BAD Depreciation Expense Income Tax of Owner eve Payroll Taxes Expense Advertising and other Selling Expense 23 , SHAH Repaint Expense 13 090 Ink Manee Finance PREY to searchup fromconnect medication .born , How connect . htm Chapter 19 earning Problems Help Save 2 In one That I Owner Payroll Taxes Expense 8090 Advertising and other Selling Expenses 27 BAR Hepairs Capenor $1 608 Insurance Expense 5450 interest Expense Utility and Telephone Expense 20 SO Legal and Audit Expense 4 508 Miscellaneous Expense 20 508 Total Expansion 294 920 net loss from Operations (25 , 420 ) Helpforces Increase in Appraised Value of Land During Your Net Income The following additional Information was made available by Cox On January 1 2019 accounts receivable from customers totaled $27 700 On December 21 2019 the recentbles told the $34.090 b . No effort has been made to change off worthless accounts An analysis shows that ST. BOW of the accounts renewable December H 2019 will never be collected The beginning and ending merchandise inventories were valued at their estimated selling price The rest of the ending inventors determined to be $95 500 and the cost of the beginning inventory is determined at $as BOO In Indianit ante cost are at more franchise more mand CAM 70 while nin Character 4 721 a three able more can ask PLOY 2 0 3 1 Next We here to search Derin Cha omba I Che a Cle THE http::/ewconnect.mbeducation.com/flow connect.html ter 14 Learning Problems ( Help Save & Eth Submit 2 Check my work On January 1. 2019, accounts receivable from customers totaled $27.700, On December 31, 2019, the receivables totaled $34,000. b. No effort has been made to charge off worthless accounts. An analysis shows that $1,800 of the accounts receivable on December 31, 2019, will never be collected. c. The beginning and ending merchandise Inventories were valued at their estimated selling price. The cost of the ending inventory is determined to be $49.500. and the cost of the beginning inventory is determined at $45,800. .On January 1, 2019, suppliers of merchandise were owed $40 200. while on December 31, 2019, these debts were $46 425 Book e. The owner paid himself a salary of $2,600 per month from the funds of the business and charged this amount to an account called Salary of Owner. Prim f. The owner also withdrew cash from the firm's bank account to pay himself $4,900 interest on his capital investment. This amount was charged to Interest Expense. g. A check for $9,000 to cover the owner's personal income tax for the previous year was issued from the firm's bank account. This was charged to Income Tax of Owner. h. Depreciation on assets was computed at 8 percent of the gross profit. An analysis of assets showed that the original cost of the equipment and fixtures was $67.500. Their estimated useful life Is 12 years with no salvage value. The building cost $152.750. Its useful life is expected to be 25 years with no salvage value. i. Included in Repairs Expense was $6,600 paid on December 22 for a new parking lot completed that day j. The increase In land value was based on an appraisal by a qualified real estate appraiser. Required: Prepare an income statement in accordance with generally accepted accounting principles, Analyze: What is the gross profit percentage based on the income statement you prepared? here to searchX hitip:::/ewconnect.mheducation.com/flow/connect.html Chapter 14 Leaming Problems He S 2 Sales Cost of goods sold y. January 1 5 45 800 Purchases points Total merchandise available for sale 45.800 eBook Less: Merchandise inventory, December 31 49 500 Cost of goods sold (3,700) Prin Gross profit on sales 3,700 Hedererices Operating expenses Depreciation expense Insurance expense Interest expense Legal and audit expense Miscellaneous expense Office expenses Payroll taxes expense Repairs expense Salaries expense Uncollectible accounts expense Uility and telephone expenso Mc n search