Basic Income Statement The following are selected account balances of the Rule Corporation at the end of 2007:
|
Debit |
Credit |
|
Operating expenses |
$3,800 |
|
Sales returns |
600 |
|
Sales revenue |
$16,200 |
|
Cost of goods sold |
8,300 |
|
Interest expense |
800 |
|
Gain on sale of land |
500 |
The company is subject to a 30% income tax rate and stockholders own 800 shares of its capital stock.
Required
Prepare a 2007 income statement for Rule Corporation.