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Sagot :
Answer:
Income statement for the Year
Service revenue 943,225
Add Other Incomes :
Interest revenue 7,500
950,725
Less Expenses :
Depreciation expense 21,375
Interest expense 26,400
Rent expense 370,000
Salary expense 449,000
Supplies expense 14,025
Utility expense 36,000 (916,800)
Net Income 33,925
Explanation:
The Income Statement only accounts for Incomes and expenses. This Statement is used to determine the Profit earned during the Reporting Period.
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