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Consider the following transactions for Delta Ltd. for the month of March: Sales Revenue: $50,000 Purchases: $20,000 Rent Expense: $4,000 Utilities Expense: $3,000 Salaries Expense:

Consider the following transactions for Delta Ltd. for the month of March:

  • Sales Revenue: $50,000
  • Purchases: $20,000
  • Rent Expense: $4,000
  • Utilities Expense: $3,000
  • Salaries Expense: $10,000
  • Depreciation Expense: $1,500

Calculate Delta Ltd.'s Net Income and prepare an Income Statement for the month of March.

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