Problem Set B PB1. LO 2.1 Hicks Products produces and sells patio furniture through a national dealership network. They purchase raw materials from a variety of suppliers and all manufacturing, and assembly work is performed at their plant outside of Cleveland, Ohio. They recorded these costs for the year ending December 31, 2017. Construct an income statement for Hicks Products, to reflect their net income for 2017. Sales revenue $3,100,000 Straight-line depreciation on office equipment 90,000 Advertising and marketing expense 625,000 Administrative salaries 136,000 Cost of goods sold 1,700,000 Rent on corporate headquarters 65,000 PB2.10 2.1 Conner & Scheer, Attorneys at Law, provide a wide range of legal services for their clients. They employ several paralegal and administrative support staff in order to provide high-quality legal services at competitive prices. For the year ending December 31, 2017, the firm reported these income and expenses. Using this information, construct an income statement to reflect the firm's net income for 2017. Service revenue $2,250,000 Paralegal salaries 215,000 Supplies and materials 42,000 Utilities 26,000 Office rent 58,000 Administrative expenses 195,000 Attorney salaries 925,000 PB3.0 2.1 Puzzles, Pranks & Games is a retail business selling children's toys and games as well as a wide selection of jigsaw puzzles and accessories. They purchase their inventory from local and national wholesale suppliers. For the year ending December 31, 2017, they reported these revenues and expenses. Using this information, prepare an income statement for Puzzles, Pranks & Games for 2017. Sales revenue $415,000 Rent 24,000 Advertising 13,000 Sales staff salaries 45,000 Cost of goods sold 210,000 Utilities 11,000 Supplies 4,000