Missing amounts completing the income statement, accounting homework help

Fill in the missing amounts. Begin by completing the income statement.

Fox Company

Income Statement

For the Year Ended December 31, 2012

Sales . . . . . . . . . . . . . . . . . .

$750,000

Cost of goods sold . . . . . . .?????

Gross profit on sales . . . . . .

450,000

Administrative expenses . .

50,000

Operating income . . . . . . . .??????

Interest expense . . . . . . . . .

5,000

Income tax expense . . . . . .

138,250

Net income . . . . . . . . . . . . .

Now fill in the missing amounts on the balance sheet.

Fox Company

Balance Sheet

At December 31, 2012

Cash . . . . . . . . . . . . . . . . . .???

Accounts payable . . .

$13,100

Accounts receivable . . . . . .

14,000

Note payable . . . . . . .

9,600

Inventory . . . . . . . . . . . . . . .

49,000

Equipment . . . . . . . . . . . . . .

965,000

Contributed capital . .

550,000

Retained earnings . . .???

Total . . . . . . . . . . . . . . . . . .

$1,132,000

Total . . . . . . . . . . . . . .?????

 
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