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Analyze the following transactions for Theta Ltd. for the month of December: Sales Revenue: $120,000 Purchases: $50,000 Rent Expense: $10,000 Utilities Expense: $7,000 Salaries Expense:

Analyze the following transactions for Theta Ltd. for the month of December:

  • Sales Revenue: $120,000
  • Purchases: $50,000
  • Rent Expense: $10,000
  • Utilities Expense: $7,000
  • Salaries Expense: $25,000
  • Depreciation Expense: $5,000

Calculate Theta Ltd.'s Net Income and prepare an Income Statement for the month of December.

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