Use the following adjusted trial balance and additional information to prepare income statement for year ending 2011. 10 marks Ingorsell Antiques Adjusted Trial Balance December 31,2011 Cash $19,300 Merchandise Inventory 50,000 Store Supplies 1,000 Equipment 44,600 Accumulated depreciation equipment $16,500 Accounts Payable 8000 Salaries Payable 1,000 Dee Rizzo, Capital 69,000 Dee Rizzo, Withdrawals 8,000 Interest Revenue 300 Sales 325,000 Sales Discounts 6,000 Sales Returns and allowances 5,000 Cost of Goods sold 148,000 Depreciation Expense, store equipment 4,000 Depreciation Expense, office equipment 1,500 Sales salaries expense 28,000 Office salaries expense 32,000 Insurance expense 12,000 Rent expense (70% is store,30% is office) 24,000 Store Supplies expense 6,000 Advertising expense 30,400 Totals $419,800 $419,800

Mag 2 Use the following adjusted trial balance and additional information to income statement for year ending 2011. Ingorsell Antiques Adjusted Trial Balance December 31,2011 Cash $19,300 Merchandise Inventory 50,000 Store Supplies 1,000 Equipment 44,600 Accumulated depreciation equipment $16,500 Accounts Payable 8000 Salaries Payable 1,000 Dee Rizzo, Capital 69,000 Dee Rizzo, Withdrawals 8,000 Interest Revenue 300 Sales 325,000 Sales Discounts 6,000 gi 9 W