A list of accounts and balances below are ending December 31, 2017 from Wesley's Machining & Welding, Inc. (WMW). Using these account balances, complete a cost-of-goods sold (COGS) worksheet. Then construct the income statement for the period ending December 31, 2017. Use the balance from the COGS worksheet for COGS on the incomes statement. Separate operating expenses from the non-operating expenses to sum operating income as EBITD (earnings before interest, taxes, depreciation). Then subtract non-operating expenses and add in non-operating income to determine net income.

Account Balance $22,000 $12,000 $16,000 $5,700 $2,500 $3,000 $500 $7,000 1,800 Beginning inventory (January 1, 2017) Depreciation expenses Ending inventory (December 31, 2017) ncome tax expenses Insurance expense Interest expenses Interest revenue Marketing expenses Office supplies expenses