22. Using the below adjusted trial balance Dec 31st for the year end prepare an income statement that begins with gross sales and includes separate categories to calculate net sales, cost of goods sold, and combines selling and general administrative expenses.

			DEBIT		CREDIT
Inventory			$ 800
Other Assets			$ 2,600
Total Liabilities					$ 500
Common Stock					$ 400
Retained Earnings					$ 1,700
Dividends			$ 300
Sales					$ 9,500
Sales Discounts			$ 260
Sales returns and allowance			$ 240
Cost of goods sold			$ 6,500
Sales salaries expense			$ 450
Rent expense selling space			$ 400
Supplies expense			$ 30
Advertising expense			$ 20
Office Salaries expense			$ 420
Interest expense			$ 8
Income taxes			$ 72
TOTAL			$ 12,100		$ 12,100