Problem 1 The accountant for Travis Corporation prepared the following list of account balances from the company's records for the year ended December 31, 2012: Sales revenue $165,000 Cash $ 30,000 Accounts receivable 14,000 Selling expenses 44,000 Equipment 42,000 Common stock 41,000 Accounts payable 12,000 Interest income 3,000 Salaries and wages expense 40,000 Cost of sales 51,000 Inventories 22,000 Prepaid expenses 2,000 Income taxes payable 5,000 Income taxes expense 18,000 Notes payable 20,000 Retained earnings ? 3. Read the information for Travis Corporation. Determine the following amounts for Travis Corporation: A) Total revenues for 2012. B) Total expenses for 2012. C) What is the purpose of the income statement? D) Is Travis Corp. profitable? Explain your answer. E) Is this the first year of operations for Travis Corp.? Explain your answer. 4. Read the information for Travis Corporation. Prepare an income statement for Travis Corporation in good form