Income Statement

An analysis of the transactions of Rutherford Company for the year ended December 31, yields the following information: sales revenue, $166,400; insurance expense, $4,300; interest income, $10,800; cost of goods sold, $71,300; salaries expense, $22,500; income taxes expense, $2,400; and loss on disposal of property, plant, and equipment, $1,200.

Required:

Prepare a single-step income statement.

Rutherford Company
Income Statement
For the year ending December 31
Revenues and gains:
Sales revenue	$fill in the blank 2
Interest income	fill in the blank 4
Total revenues		$fill in the blank 5
Expenses and losses:
Cost of goods sold	$fill in the blank 7
Sales revenue	fill in the blank 9
Insurance expense	fill in the blank 11
Loss on disposal of property, plant, and equipment	fill in the blank 13
Income taxes expense	fill in the blank 15
Total expenses and losses		fill in the blank 16
Net income		$fill in the blank 18

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