Income Statement

Tart Inc. had the following data:

• Sales of $450,000
• Beginning Inventory 45,000
• Selling Expenses 35,000
• Dividends 5,000
• Ending Inventory 25,000
• Tax Rate 25%
• Purchases 165,000
• Administrative Expenses 32,000
• Accounting Change, gross 7,500
• Interest 10,000
• Purchase of Equipment 30,000

Required: prepare an income statement for Tart, Inc.