Based on the account balances provided, prepare a multi-step income


NEWCO's adjusted representation equalizes as of December 31, 2015 are shown beneath (some famous equalizes are Jan. 1, 2015):

    Sales . . . . . . . . . . . . . . . . . . . . . . . .1,200,000
    Purchases . . . . . . . . . . . . . . . . . .  . .  810,000
    Marketable securities . . . . . . . .. . . . .   15,000
    Purchase discounts  . . . . .. . . . . . . . .   20,000
    Purchase produce and allowances. . . .    2,000
    Selling expenditures  . . . . . . . . . . . . . . .  114,000
    Cash  . . . . . . . . . . . . . . . . . . . . . . . . .   147,000
    Accounts receivable . . .  . . . . . . . . . .   60,000
    Common store  . . .  . . . . . . . . . . . . .  150,000
    Accumulated backbiting   . . . . . . . .   42,000
    Paid-in-capital in intemperance of par    . . . .   30,000
    Inventory, January 1, 2015  . . . . . . . .  149,000
    Inventory, December 31, 2015. . . . . .  120,000
    Accounts payable   . . . . . . . . . . . . . . .   71,000
    Salaries payable  . . . . . . . . . . . . . . . . .    5,000
    Patents . . . . . . . . . . . . . . . . . . . . . . . . .  18,000
    Retained hues, January 1, 2015. . .   60,600
    Interest expenditure  . . . . . . . . . . . . . . . . . . 13,000
    General and professional expenditures. . 160,000
    Dividend fruits. . . . . . . . . . . . . . . . . .    6,000
    Allowance for questionable representations . . . . .     3,000
    Notes payable (ripeness 7/1/2016) . . . . 105,000
    Machinery and equipment . . . . . . . . . .  150,000
    Income tax expenditure  . . . . . . . . . . . . . .    30,600
    Treasury store  . . . . . . . . . . . . . . . . . . .   10,000
    Dividends professed and hired . . . . . . . . .  18,000

Based on the representation equalizes supposing, fit a multi-step proceeds assertion and a classified equalize sheet. Note: A “multi-step" proceeds assertion is one that shows Net Sales, Cost of Goods Sold, Gross Profit, Total Operating Expenses, Net gain/loss from other activities (if useful), Income before taxes, Income tax expenditure, and Net Income.