Given the following trial balance of Apple Inc. as of December 31, 2023, prepare the Income Statement:
•Sales Revenue: $300,000
•Cost of Goods Sold: $180,000
•Administrative Expenses: $20,000
•Selling Expenses: $15,000
•Interest Expense: $5,000
•Income Tax Expense: $18,000
•Miscellaneous Revenues: $10,000
Required:
1.Prepare the Income Statement for the year ending December 31, 2023.
2.Calculate the Net Income.