Question 6

The Johns company just completed its first ear of operations on December 31, 2007. Net income for the year equals $120,000 and the After tax rate is 80%. Accumulated depreciation totaled $ 30,000 at year end. Rent Expense equals $ 12,000, Supplies Expense equals $2,000, and insurance expense is $ 6,000 for the year. the total cost for advertising, marketing, and selling equals $10,000. year-end/debt equals $2,000,000 on which a 5% interest rate is paid for the year. Net sales for the year is $600,000. Based upon the information presented, please provide an income statement for the johns company for the year. be sure to so that credit can be given as appropriate