The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. From the information given, prepare an income statement for the company. To save time and space, the expenses have been grouped together into twocategories.

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INCOME STATEMENT 6ACCOUNT NAME DEBIT 2000.00 31,000.00 13,310.00 CREDIT 23 Income Summany 24 Sales 25 Sales Retums and Allowances 26 Sales Discounts 27 Purchases 28 Purchases Retums and Alowances 324,000.00 7,700.00 126,360.00 29 Purchases Discounts 30 Freight In 1,200.00 1.300.00 ! 7,500.00 61,560.00 50,884.00 31 Seling Expenses 2 General Expenses 299,314.00 357,500.00 4Net Income 35 38 58 186.00 357,500.00 357,500.00 Sheet Sheet Sheets