Jackson Enterprises Income Statement For Year Ended December 31, 20--
Revenue from sales:
Sales			$170,000
Less: Sales returns and allowances			10,000
Net sales				$160,000
Cost of goods sold:
Merchandise inventory, January 1, 20--		$7,800
Estimated returns inventory, January 1, 20--		1,200	$9,000
Purchases		$92,370
Less: Purchases returns and allowances	$1,868
Purchases discounts	1,838	3,706
Net purchases		$88,664
Add: Freight-in		957
Cost of goods purchased			89,621
Goods available for sale			$98,621
Less: Merchandise inventory, Dec. 31, 20--		$7,300
Estimated returns inventory, Dec. 31, 20--		1,200	8,500
Cost of goods sold				90,121
Gross profit				$69,879
Operating expenses:
Wages expense			$38,350
Advertising expense			1,106
Supplies expense			372
Phone expense			2,298
Utilities expense			10,932
Insurance expense			858
Depreciation expensebuilding			4,314
Depreciation expenseequipment			3,588
Miscellaneous expense			532
Total operating expenses				62,350
Income from operations				$7,529
Other revenues:
Interest revenue			$1,998
Other expenses:
Interest expense			742	1,256
Net income				$8,785

Jackson Enterprises Statement of Owner's Equity For Year Ended December 31, 20--
J. B. Gray, capital, January 1, 20--		$82,895
Net income for the year	$8,785
Less: Withdrawals for the year	7,000
Increase in capital		1,785
J. B. Gray, capital, December 31, 20--		84,680

Jackson Enterprises Balance Sheet December 31, 20--
Assets
Current assets:
Cash		$20,300
Accounts receivable		18,810
Merchandise inventory	7,300
Estimated returns inv