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Consider the following transactions for Omega Ltd. for the month of May: Sales Revenue: $250,000 Purchases: $100,000 Rent Expense: $20,000 Utilities Expense: $10,000 Salaries Expense:

Consider the following transactions for Omega Ltd. for the month of May:

  • Sales Revenue: $250,000
  • Purchases: $100,000
  • Rent Expense: $20,000
  • Utilities Expense: $10,000
  • Salaries Expense: $50,000
  • Depreciation Expense: $8,000

Calculate Omega Ltd.'s Net Income and prepare an Income Statement for the month of May.

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