Income Statement For the year ended December 31, 20XX Revenue Gross Sales Less: Sales Returns and Discounts Net Sales Cost of Goods Sold Beginning Inventory Inventory Purchases Less: Ending Inventory Less: Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Net Income Before Taxes Income Taxes (at 25%) Net Income After Taxes Question 6 1 pts Based on the scenario, you will complete an Income Statement. Read the scenario below. Identify pertinent information and use it to fill in numbers on the income statement form. Not all information is necessary to complete the statement. Leave any unnecessary boxes empty. Please round all figures to whole dollars. You may need to use scratch paper. Wally started a weekend widget stand on his landlord's front lawn with a $2000 inheritance (owner investment). He relied on his brightly-colored stand, drive-by traffic, and word-of-mouth to attract customers. The stand has a market value of $500. Wally paid his landlord $15 up front for a year of lawn space and spent another $150 on the stand, which has a lifespan of four years. The city heard about his scheme and charged him $30 for a permit. In his first year of business, Wally acquired 1000 widgets for $1.00 each and sold all but 50 of them at 80% markup. Due to a defect in some of the product, he discounted a total of $10. Additional costs included $30.00 in UPS bills and $10.00 for 1000 bags. Sales tax amounted to $106. The Marginal Tax Rate (MTR) is 25%. Based on the given Wally's Widgets scenario, fill in the numbers below. DO NOT use the dollar sign, numbers only. Make sure to include parentheses when necessary. Wally's Widgets Income Statement For the year ended December 31, 20xx Revenue Gross Sales Less: Sales returns and Discounts Net Sales Cost of Goods Sold Beginning Inventory Purchase of Widgets Less: Ending Inventory Gross Profit Operating Expenses Selling Expenses Delivery Expenses Advertising Expenses Salaries Miscellaneous Expenses Sales Taxes Paid Total Selling Expenses General Admin. Expenses Rent Expenses Utilities Expenses Insurance Expenses Wages Permits and Licenses Depreciation Expenses Total Camera admin Gynoncor