Prepare income statement, The Appully Company (a clothing retailer) for the year ending December…

Prepare income statement, The Appully Company (a clothing retailer) for the yearending December 31, 2003 given the information below: (20 marks)Advertising expenditures 68,000Beginning inventory 256,000Depreciation78,000Ending inventory248,000Gross Sales3,210,000Interest expense64,000Lease payments52,000Management salaries 240,000Materials purchases2,425,000R&D expenditures35,000Repairs and maintenance costs 22.000Returns and allowances 48,000Taxes51,000-

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