prepare an income statement

Question #1 Blink, Ltd. Had the following data: Sales of $550,000 Administrative Expenses of $45,000 Beginning Inventory of $100,000 A/P has a balance of $55,000. An accounting change was made that resulted in a gross loss of $80,000. Treasury stock was purchased for $15,000 Selling expenses of $60,000 Interest expense of $10,000 was paid. Purchases of $300,000 Tax rate is 50% A routine monthly event occurred (the selling of some waste product) that gave the company $5,000 in income. This was not a normal operating item but was done every month. Ending Inventory of $125,000 There were 300,000 shares; 200,000 of common and 100,000 of preferred. Prepare an Income Statement