Question

	debit	credit
Cash	54,339
Investment Securities--AFS	72,000
ACCRUED INTEREST RECEIVABLE	1000
Accounts Receivable	48,607
Allowance for Doubtful Accounts		3,022
Allowance for Sales Returns andAllowances		972
Merchandise Inventory	449,807
Prepaid Insurance	7,434
Store Supplies	2,700
Land	285,820
Building	476,895
Accumulated Depreciation: Building		55,027
Office & Store Equipment	163,941
Accumulated Depreciation: Office &Store Equipment		54,763
Delivery Trucks	198,545
Accumulated Depreciation: DeliveryTrucks		41,260
Accounts Payable		51,274
FICA Taxes Payable		5,406
FEDERAL INCOME TAX WITHHOLDINGPAYABLE		3,401
Unemployment Taxes Payable		814
Union Dues Payable		180
Salaries & Wages Payable		37,085
accured utility payable		506
Mortgage Payable		200,000
Accrued Interest Payable		667
Common Stock		100,000
PIC in Excess of Par		1,000,000
Retained Earnings		85,937
Sales		1,779,369
Sales Returns	36,893
Sales Discounts	12,027
INTEREST REVENUE		1,000
Purchases		0
Purchase Returns		0
Purchase Discounts		0
Freight In		0
cost of goods sold	1,157,524
Salaries & Wages Expense	304,693	0
Payroll Tax Expense	41,573	0
Advertising Expense	11,874	0
REPAIR EXPENSE	1,700	0
STORE SUPPLIES EXPENSE	10,021	0
Utilities Expense	20,410	0
INSURANCE EXPENSE	6,034	0
DEPRECIATION EXPENSE	46,459	0
DOUBTFUL ACCOUNTS EXPENSE	928	0
Interest Expense	9,459	0
Totals	3,420,683	3,420,683

Prepare an income statement for 2016 (Multiple step format).