TB Problem Qu. 1-295 (Algo) In April, Holderness Inc, a merchandising...

In April, Holderness Inc, a merchandising company, had sales of $296,000, selling expenses of $21,500, and administrative expenses of $32,500. The cost of merchandise purchased during the month was $170,000. The beginning balance in the merchandise inventory account was $41,500 and the ending balance was $55,500.

Required:

Prepare a traditional format income statement for April.