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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

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

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