The following information comes from Omega Companys 2020 Financial Statements.

Accounts receivable	Decrease	20
Allowance for doubtful accounts	Increase	5
Inventory	Increase	200
Prepaid expense (for operating exp only)	Increase	10
Accounts payable (for inventory only)	Decrease	50
Accrued Liabilities (for operating exp only)	Decrease	30
Deferred tax liability	Decrease	15
Income tax payable	Increase	30

Additional information:

1. Sales totaled $700, and cash sales were $200. The rest $500 were sales on account.
2. Cash purchases of inventory totaled $100 and credit purchases of inventory totaled $500.
3. Omega marked down its inventory by recording a loss of $10. (The JE for this transaction was dr. Loss and cr. Inventory for $10 respectively.) The loss is part of Other income or losses on the Income Statement.
4. Bad Debt Expense for the year is $12. Bad debt expense was included as part of the operating expense on the Income Statement.

REQUIRED: Finish the following Income Statement on an Accruals Basis and a Cash Basis by filling in the blanks. NOTE: Do NOT use the $ sign in front of the numbers.

	Cash Basis	Accruals Basis
Sales Revenue		700 (given)
Cost of Goods Sold
Operating Expense	100 (given)
Income Tax Expense	200 (given)