Income Statement Lakeside Country Club Month Ending November 2018 Cost% Sales $41,400 Cost of Sales Gross Profit $32,500 Expenses Mortgage Payment S 4,000 Accounts payable $ 5,600 Wages Payable $10,000 Total Expenses Income Before Income Taxes Income Taxes 25% $ Income After Taxes $ 21,000 $ 5,000 Capital Stock Retained Earnings, Begin. Dividends Paid Income Total of Retained Earnings 600 $ $