(Single-Step Income Statement). The financial records of LeRoi Jones Inc, were destroyed by fire at the end of 2014. Fortunately, the controller had kept certain statistical data related to the income statement as follows.

1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.

2. Sales discount amount to $17,000

3. 20,000 shares of common stock were outstanding for the entire year.

4. The income tax rate is 30%

5. The income tax rate is 30%

6. Cost of goods sold amount to $500,000

7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales

8. Four-fifth of the operating expenses relate to sales activities.

Instructiions

From the foregoing information, prepare income statement for the year 2014 in a single step form.