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All number and account info is correct. need help finding the net income. $ 220,000 16,000 4,000 FIT-FOR-LIFE FOODS Income Statement For Year Ended December
All number and account info is correct. need help finding the net income. $ 220,000 16,000 4,000 FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Sales Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Expenses Selling expenses Rent expense-Selling space Sales commission expense TV advertising expense Sales staff wages 20,000 200,000 90,000 110,000 10,000 13,000 2.000 23,000 X II Total selling expenses General and administrative expenses Office salaries expense Depreciation expense-Office copier Office supplies expense 32,500 500 700 33,700 81,700 28,300 Total general and administrative expenses Total expenses Income from operations Other revenues, gains, expenses & losses Gain on sale of equipment Interest revenue 6.250 750 Total other revenues, gains, expenses & losses Net income
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