Using the information provided, prepare an Income Statement

Bango, Inc. for the year ending December 31, 2018.

Each account is only used once per financial statement. All accounts are used. **Hints** Total Assets = 305,000

Accumulated Depreciation	10,000
Sales Revenue	400,000
Notes Payable	50,000
Sales Discounts	10,000
Cash	200,000
Cost of Goods Sold	290,000
Machine	45,000
Salaries Expense	40,000
Common Stock	120,000
Rent Expense	12,000
Accounts Payable	20,000
Advertising Expense	5,000
Accounts Receivable	30,000
Salaries Payable	12,000
Merchandise Inventory	15,000
Supplies Expense	1,000
Truck	25,000
Insurance Expense	4,000
Beginning Retained Earnings	75,000
Interest Expense	2,000
Dividends	8,000

The only two administrative expenses are Supplies and Insurance. The rest of the expenses are selling expenses.