Income Statement Amounts Amount Sales Revenue 755.200.00 Less: Sales returns & allowances (8,800,00) Net revenue 746,400.00 Less: Cost of goods sold (497.700.00) Gross profit 248,700.00 Less: Operating Expenses Salaries & Wages Expense 139,800.00 Advertising Expense 24,500.00 Utilities Expense 13,500.00 Maintenance & Repairs expense 12,100.00 Freight Out 16,600.00 Rent Expense 24,000.00 Supplies Expense 4,000.00 Depreciation Expense-Equipment 11.250.00 Total Operating Expenses 245,750.00 Income before interest and taxes 2.950.00 Less: Interest expense (4.350.00) Net Income (1.400.00) Cheyenne Income Balance Unadjusted Adjustments Adjusted Trial Balance Statement Sheet Account Titles Debit Credit Debit Credit Debit Credit Cash 21,200.00 21,200.00 Accounts Receivable 31,800.00 31,800.00 Inventory 42,200.00 300.00 41,900.00 Supplies 6,200.00 4,000.00 2.200.00 Equipment 133,000.00 133.000.00 Accumulated Depreciation Equipment 27,000.00 11.250.00 38,250.00 Notes Payable 52.000.00 52.000.00 Accounts Payable 57,900.00 57,900.00 Interest Payable 4 350.00 4,350,00 Owner's Capital 92.000.00 92.000.000 Owner's Drawings 13,000.00 13,000.00 Sales Revenue 755,200.00 755,200.00 Sales returns & allowances 8,800.00 8.800.00 Cost of goods sold 497,400.00 300.00 497,700.00 Salaries & Wages Expense 139,800.00 139,800.00 Advertising Expense 24.500.00 24,500.00 Utilities Expense 13,500.00 13,500.00 Maintenance & Repairs expense 12,100.00 12.100.00 Freight Out 16,600.00 16,600.00 Rent Expense 24,000,00 24,000.00 Supplies Expense 4,000.00 4,000.00 Depreciation Expense-Equipment 11.250.00 11,250.00 Interest Expense 4,350.00 4.350.00 Income Summary Total 984,100.00 984,100.00 19,900.00 19.900.00 999,700.00 999,700.00 4 1 7 Prepare an owner's equity statement for the year. CHEYENNE FASHION CENTER Owner's Equity Statement $ $ $