prepare a detailed income statment

Listed below is a list of accounts and their respective balances for the Maximum Company: ADVERTISING EXPENSE $ 100,000 INSURANCE EXPENSE $ 100,000 OPERATING EXPENSES-OTHER $ 75,000 PURCHASES $ 50,000 REVENUES $ 1,000,000 SALARIES AND WAGES $250,000 Other Information: Inventory at the beginning of the year was $ 50,000 and at the end of the year was $ 40,000 Accrued wages of $5,000 have not been included in the above balances. Payroll taxes are 25% of Salaries and Wages. Total Fixed Assets equal $3,000,000 which breaks down as follows: Land- $750,000 Equipment-$2,000,000; and Furniture - $250,000. For depreciation purposes, the XYZ Company uses the straight-line method. assets have a useful life of 10 years and no residual value. XYZ has a long-term note of $ 1,000,000 and pays an interest rate of 10%. Rent is calculated as 1% of gross profit plus $500 per month. The XYZ pays income taxes at a rate of 25%. REQUIRED Prepare a detailed income statement