Calculate the missing information based on the format of the income statement. Net Sales Cost of Goods Sold Gross Margin ($) Operating Expenses Net Profit ($) $332,500 $132,100 $  $107,000 $

Using the following information, what is the amount of net income? Purchases $25,987   Selling expenses $693 Merchandise inventory, September 1 7,575   Merchandise inventory, September 30 8,525 Administrative expenses 955   Sales 50,914 Rent revenue 1,194   Interest expense 848     a.$17,000b.$26,271c.$24,575d.$33,100

Please do not give solution in image format ?

The following transactions pertain to Year 1, the first-year operations of Rooney Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,900 cash by issuing common stock. 2. Paid $660 for materials used to produce inventory. 3. Paid $1,900 to production workers. 4. Paid $1,078 rental fee for production equipment. 5. Paid $90 to administrative employees. 6. Paid $106 rental fee for administrative office equipment. 7. Produced 340 units of inventory of which 190 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP.