Let's see if you've got your ducks in a row regarding Income Statements.

The General Ledger has the following accounts and balances: Owner Draws 20,000 Sales Returns & Allowance 1,000 Salaries 10,000 Utilities Expense 5,000 Sales Discounts 1,000 Advertising 2,000 Sales 100,000 Beginning Inventory 25,000 Maintenance & Repairs 2,000 Purchases 90,000 Prepaid Expenses 2,000 Cash 15,000 Supplies Expense 3,000 Buildings 70,000 Petty Cash 1,000 Beginning Owner's Capital 147,000 Note: A Physical Inventory was taken and the Ending Inventory Balance is 30,000. Instructions: Using the above information select the appropriate dollar amount for the following questions: Note: Paper, pencil, and a calculator will aid you in calculating the correct amounts. Hint: Preparing an Income Statement will provide you with the answers to the questions. Give the test a try on your own; but, if you need to see the results, check out the Income Statement I prepared for you. Question . .