Introduction to Financial Statements - Practice Problem 3 - Income Statement Prepare an income statement using the following items were taken from the accounting records of "Eltawfik" company. Accounts Payable Accounts Receivable 57,000 Long-term investments 35,000 Building 32,000 Trademarks 6,000 Cash 255,000 Accrued Expenses 9,000 Equipment 15,000 35,000 Short-term Notes Payable 1,000 Retained Earnings 76,000 Common Stock 2,000 411,000 Interest Receivable Prepaid Expenses 82,000 12,000 Inventory Sales 25,000 123,000 Dividends paid Salary Expense 62,000 22,000 Cost of Goods Sold 9,000 Utility Expense 8,000 Income Tax Expense