Income Statement Use the information provided in the tables below to complete the Income Statement Enter your answers in the boxes provided in last column of the Income Statement When entering answers: DO use comma separators, DO NOT use the dollar sign, DO use a negative sign to indicate negative values. Correct answer format examples: 100,000 or -1,000 Incorrect answer format examples: $100,000 or 100000 or (1,000) Beginning Ending 16,000 18,000 9,000 7,000 ASSETS Accounts Receivable Prepaid Expenses Inventories Supplies Machinery and Equipment 14,000 17,000 6,000 5,000 250,000 223,000 LIABILITIES 9,000 13,000 3.000 6,000 3,000 2,000 Accounts Payable Other Accrued Expenses Accrued Interest Accrued Taxes Current Portion of Deferred Taxes Non-Current Portion of Deferred Taxes 21,000 27,000 8,000 7,000 11,000 13,000 OTHER INFORMATION Owner withdrawals 67,000 for family living Principal payments 7,500 on long-term debt Machinery sold for $8,000 with a tax ??? basis of $10,000 INCOME STATEMENT REVENUES 410,000 Cash Sales Inventories adjustment Accounts receivable adjustment Gross Revenue 230,000 OPERATING EXPENSES Cash Operating Expenses Accounts Payable adjustment Prepaid Expenses adjustment Supplies adjustment Work in Progress adjustment Other Accrued Expenses adjustment Depreciation Expense Total Operating Expenses 0 20,000 12,000 INTEREST EXPENSES Cash Interest Expense Accrued Interest Adjustment Total Interest Expense Total Operating and Interest Expense Net Income from Operations Gains/Losses on Sales of Capital Assets Income Before Taxes 24,000 + TAX EXPENSES Cash Tax Expenses Accrued Taxes adjustment Current Portion of Deferred Taxes adjustment Total Tax Expense + NET INCOME