Answer :
Answer:
Wayman Corporation
Income Statement for the year ended December 31, 2021
Sales Revenue $460,000
Cost of Goods Sold ($140,000)
Gross Profit $320,000
Operating Expenses
Advertising Expense $40,000
Salaries Expense $50,000
Utilities Expense $60,000
Total operating expense ($150,000)
Operating Income $170,000
Interest Expense ($30,000)
EBT $140,000
Income tax expense ($60,000)
Net Income $80,000
The Gross profit is = $320,000; The total operating expense is = ($150,000) and The total Net Income is = $80,000
What is an Income Statement?
Wayman Corporation
When the Income Statement for the year ended December 31, 2021 is prepare
Sales Revenue $460,000
Cost of Goods Sold ($140,000)
The Gross Profit $320,000
Operating Expenses
Advertising Expense $40,000
Salaries Expense $50,000
Utilities Expense $60,000
The Total operating expense ($150,000)
Operating Income $170,000
Interest Expense ($30,000)
EBT $140,000
Income tax expense ($60,000)
Therefore, a Net Income of $80,000
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