Thornton Inc. had the following operating balances for 2013:
........................................................December 31, 2013 ...............January 1, 2013
Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . $58,200 ................. $61,500
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,400 ................... 37,300
Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . 87,000 ................... 89,100
Prepaid Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,500 ................... 14,100
Additional information for Thornton is as follows:
(a) All purchases of inventory were on account.
(b) Depreciation Expense of $96,000 was recognized during 2013.
(c) Equipment was sold during 2013, and a gain of $3,000 was recognized.
Thornton provides the following cash flow information for 2013:
Cash collected from customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 950,000
Cash paid for inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (410,000)
Cash paid for other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (139,000)
Cash from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 401,000
Prepare an income statement for Thornton for 2013?