• Prepare an income statement for XYZ Corporation for the year ended December 31, 2023.
• Use the following data:
  • Sales Revenue: $500,000
  • Cost of Goods Sold: $320,000
  • Operating Expenses: $120,000
  • Interest Expense: $10,000
  • Income Tax Expense: $20,000

Question:

Using the given data, prepare the income statement for XYZ Corporation for the year ended December 31, 2023. Calculate the Gross Profit, Operating Income, and Net Income.