Prepare an Income Statment for the following transactions.

M24% AutoSave OFF Bowers Kit Home Insert Draw Page Layout Formulas Data Review View Tell me X A % V Conditional Formatting Format as Table Cell Styles Paste Font Alignment Number Cells Editing C13 xv fx Inventory F G H 1 D Balanced 1,092,164 Debit xxxx E 1,092,164 Credit 8 XX.XXX 1,605 1,605 4,210 4,210 159,430 79,715 79,715 188,500 188,500 377,000 160,500 160,500 US 5 6 Trx # Trx Date Account 7 #O 1/31 Dr Account (EXAMPLE) 8 Or Account (EXAMPLE) 9 #1 1/1 Accounts payable 10 Cash 11 #2 1/2 Supplies 12 Accounts payable 13 3 2/15 Inventory 14 Accounts payable 15 Cash 16 4/15 Cash 17 Accounts receivable 18 Sales revenue 19 Cost of goods sold 20 Inventory 21 5 4/30 Rent expense 22 Prepaid rent 23 5/1 Prepaid rent 24 Cash 25 7 12/1 26 Accounts receivable 27 WB 1/31 Dividends 28 Cash 29 HA1 Supplies expense 30 Supplies 31 A2 Rent expense 32 Prepaid rent 33 Depreciation expense 34 Accumulated depreciation 35 #A4 Tax expense 36 Taxes payable 37 38 Beg TB Trx 20,800 20,800 74,400 74,400 Cash 131,950 131,950 79,600 79,600 1,260 + 1,260 49,600 49,600 18,870 18,870 12939 12,939 JES Ledger Adj TB IS A W Save View A. % Cells Home Insert Draw Page Layout Formulas Data Review X Conditional Formatting Format as Table Paste Font Alignment Number Cell Styles B18 x fx 84950 B D E 1 Prepared by: Christopher "Kit" Bowers 2 Student ID: 109059532 3 Instructions: In shaded cells, fill in amounts and use drop downs to enter accounts. 4 Add formulas to calculate totals. 5 F 7 Company A 8 Income Statement 9 For the year ended December 31, 2020 10 Income Statement Accounts Amounts Totals Notes & Formulas: 11 12 Sales revenue $ 79,600 13 Cost of goods sold $ (160,500) 14 Gross Profit $ (80,900) =SUM(B12:313) 15 16 Operating Expenses 17 Depreciation expense $ 18,870 18 Accounts receivable $ 84,950 19 20 21 22 Total Operating Expenses Missing Formula 23 24 Income before Taxes Missing Formula 25 26 Tax expense 27 28 Net Income Missing Formula 29 30 Gross Profit Check Figure: S 221,850 31 Total Operating Expenses Check Figure $ 93,660 32 34 35 Beg TB Trx JES Ledger Adj TB