INCOME STSTEMENT - PERIODIC The following information taken from the books of ABC Co. is given to you. Sales Merchandise Inventory, January 1, 2015 Purchases during the year Purchases Returns and Allowances Wages expenses Prepaid rent Salaries expenses Furniture and equipment at cost Accumulated Depreciation on Furniture and equipment 1. 1,000,000 200,000 656,000 36,400 60,000 12,000 124,000 600,000 92,000 The following additional information is also given to you. Merchandise inventory on December 31st. 2015 was $204,000 Wages outstanding at the end of the year amounted to $ 7,000 Salaries prepaid for 2016 amounted to $9,000 2. 3. 4. Rent expired at the end of the year amounted to $8,000 5. Depreciation on furniture and equipment has been 10% written off. Required: Prepare an income statement for ABC Co. for the year ended 2015.