Re-organize the scrambled accounts into the income statement for Pet Land Inc., a pet food and accessories retailer in a small Canadian town.

You will have to calculate Sales Revenue, Cost of Goods Sold, the amount of tax that was paid, the totals for the sections of the statement and determine Gross Margin, Operating Margin, Income Before Tax and Net Income.

Compile Sales Revenue from Gross Sales Revenue and record it on the statement.

Compile the Cost of Goods Sold from the appropriate accounts and add it to the statement. Calculate the Gross Margin and record it on the statement.

List the Operating Expenses on the statement and total it. Calculate the Operating Margin and record it on the statement.

List the Non-operating Expenses on the statement, calculate and record Income Before Tax, calculate and record Taxes and calculate and record Net Income.

Accounts	Values
Cleaning & Maintenance	5,000
Office Supplies	2,000
Discounts	12,300
Fixed Utilities (telephone, heat, hydro)	2,000
Purchases	256,750
Depreciation	15,000
Beginning Inventory	42,500
Taxes @ 34%	You calculate
Gross Sales Revenue	697,200
Closing Inventory	33,250
Returns	19,900
Salaries	176,000
Interest Expense	7,000
Advertising & Promotion	25,000
Ending Inventory	33,250