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Income Statement needed for: Maine Department Store is located near the Village Shopping Mall.

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Income Statement needed for: Maine Department Store is located near the Village Shopping Mall.

Income Statement needed for:Maine Department Store is located near the Village Shopping Mall. At the end of the company’s fiscal year on December 31, 2008, the following accounts appeared in two of its trial balances. Adjusted Interest Revenue 4,000 Merchandise Inventory 75,000 Mortgage Payable 80,000 Office Salaries Expense 32,000 Prepaid Insurance 2,400 Property Tax Expense 4,800 Property Taxes Payable 4,800 Cost of Goods Sold 412,700 Retained Earnings 60,000 Sales Salaries Expense 76,000 Sales 628,000 Sales Commissions Expense 14,500 Equipment 110,000 Sales Commissions Payable 4,300 Sales Returns and Allowances 8,000 Utilities Expense 12,000 Utilities Expense Payable 1,000

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