Using the following data create an income statement: Sales $55,000 Cost of good sold 32,000 Accumulated Depreciation 19,000 Accounts Receivable 7,300 Depreciation Expense 3,800 Accounts Payable 6,500 Interest Expense 2,600 Short-term notes payable 2,600 Income taxes 5,985 Marketing, general and admin expenses 4,500

Inventories 4,700 Gross fixed assets 64,800 Long-term debt 36,000 Common stock 12,000 Other assets 1,500 Retained earnings 13,850

Cash ? Include two columns Percentage of Sales and Dollar Value. Also firm has paid $1,500 in common stock dividends during the year and has 1000 shares outstanding .