The accountant for Taryn Corporation prepared the following list of account balances from the

Companys records for the year ended December 31, 2014:

Sales revenue $165,000 Cash $ 30,000

Accounts receivable 14,000 Selling expenses 44,000

Equipment 42,000 Common stock 41,000

Accounts payable 12,000 Interest income 3,000

Salaries and wages expense 40,000 Cost of sales 51,000

Inventories 22,000 Prepaid expenses 2,000

Income taxes payable 5,000 Income taxes expense 18,000

Notes payable 20,000 Retained earnings ?

Required: Answer the following questions for Taryn Corporation:

a. Prepare an income statement for Taryn Corporation in good form.

b. What is the amount of Total revenues for 2014. ________

c. What is the amount of Total expenses for 2014. ________

d. What is the purpose of the income statement?

e. Is Taryn Corp. profitable? Explain your answer.

f. Is this the first year of operations for Taryn Corp.? Explain your answer.