Income Statement

Below is a list of accounts and balances for Sandals Inc. for the year ending March 31, 2020. All balances are in thousands of dol- lars. Sandals Inc. follows APSE. Assume a tax rate of 15%. Account Title Balance Accounts Payable $20,900 Accounts Receivable $24,000 Accumulated Depreciation $8 100 Advertising Expense $17,000 Cash $20,000 Common Shares $1,600 Cost of Goods Sold $40,200 Depreciation Expense-Office Equipment $4,000 Depreciation Expense-Retail Equipment $4,200 Equipment $50,500 Gain on Sale of Asset $2,500 Gain on Sale of Discontinued Operations $13,600 Income Tax Benefit $6,795 Interest Expense $5,900 Interest Payable $3,200 Loss from Operating Discontinued Operations $29,200 Merchandise Inventor $25,400 Notes Payable $46,900 Office Salaries Expense $10,500 Preferred Shares $5,800 Prepaid Insurance $9,000 Rent Expense-Office $10,400 Rent Expense-Retail $19,300 Retained Earnings $48,805 Salaries Payable $10,000 Sales Discounts $12,000 Sales Salaries Expense $21,000 Sales Returns and Allowances $3,300 Sales Revenue $115,600 Unearned Revenue $22, 100 Round all answers to the nearest whole number. Use the negative sign for losses and rows marks with * Prepare an income statement by function for the year ended March 31, 2020. Sandals Inc. Income Statement For the Year Ended March 31, 2020 Sales Revenue AnswerLess : Sales Returns and Allowances Answer Less Sales Discounts Answer Answer Net Sales Answer Cost of Goods Sold Answer Gross Profit Answer Operating Expenses Selling Expenses Depreciation Expense-Retail Equipment Answer Advertising Expense Answer Rent Expense-Retail Answer Sales Salaries Expense Answer Total Selling Expenses Answer Administrative Expenses Depreciation Expense-Office Equipment Answer Rent Expense-Office Answer Office Salaries Expense Answer Total Administrative Expenses Answer Total Operating Expenses Answer *Income (Loss) from Operations Answer Other Income and Expenses Gain on Sales of Asset Answer Interest Expense Answer Answer Income (Loss) from before Income Tax Benefit (Expense) Answer ncome Tax Benefit (Expense) Answer Income (Loss) from Continuing Operations Answer Discontinued Operations Gain on Sales of Discontinued Operations (net of tax) Answer Loss from Operating Discontinued Operations (net of tax) Answer Answer "Net Income (Loss)