Answer & Explanation:Fill in the missing amounts. Begin by completing the income statement.Fox CompanyIncome StatementFor the Year Ended December 31, 2012Sales . . . . . . . . . . . . . . . . . .$750,000Cost of goods sold . . . . . . .?????Gross profit on sales . . . . . .450,000Administrative expenses . .50,000Operating income . . . . . . . .??????Interest expense . . . . . . . . .5,000Income tax expense . . . . . .138,250Net income . . . . . . . . . . . . .Now fill in the missing amounts on the balance sheet.Fox CompanyBalance SheetAt December 31, 2012Cash . . . . . . . . . . . . . . . . . .???Accounts payable . . .$13,100Accounts receivable . . . . . .14,000Note payable . . . . . . .9,600Inventory . . . . . . . . . . . . . . .49,000Equipment . . . . . . . . . . . . . .965,000Contributed capital . .550,000Retained earnings . . .???Total . . . . . . . . . . . . . . . . . .$1,132,000Total . . . . . . . . . . . . . .?????
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