The following account balances are taken from Sherwood Ltd.s adjusted trial balance at June 30, 2020:

		Debit			Credit
Sales revenue					$1,251,000
Advertising expense		$126,000
Cost of goods sold		591,000
General and administrative expenses		39,000
Selling expenses		76,000
Depreciation expense		72,000
Interest expense		35,000
Interest revenue					42,000
Income tax expense		10,000
Wages expense		166,000
Utilities expense		107,000

Prepare a single-step statement of income for the year ended June 30, 2020.

List of Accounts

• Accounts Receivable
• Advertising Expense
• Architectural Activities
• Cash
• Cost of Goods Sold
• Depreciation Expense
• Distribution Expenses
• Dividend Revenue
• Engineering Expenses
• Financing Expenses
• General and Administrative Expenses
• Income Tax Expense
• Insurance Expense
• Interest Expense
• Interest Revenue
• Inventory
• No Entry
• Other Expenses
• Refund Liability
• Rent Expense
• Rent Revenue
• Research and Development Expenses
• Sales and Marketing Expenses
• Sales Revenue
• Selling Expenses
• Service Revenue
• Subscription Revenue
• Supplies Expense
• Unearned Revenue
• Utilities Expense
• Wages Expense
• Warranty Expense
• Warranty Liability

Sherwood Ltd. Statement of Income June 30, 2020 For the Month Ended June 30, 2020 For the Year Ended June 30, 2020 $ Dividends Expenses Net Income /(Loss) Retained Earnings, July 1, 2019 Retained Earnings, June 30, 2020 Revenues Total Expenses Total Revenues