• Prepare an income statement for XYZ Corporation using the following information:

  Revenue	$50,000
  Cost of Goods Sold	$20,000
  Operating Expenses	$15,000
  Interest Expense	$5,000
  Tax Expense	$3,000

  Requirements:

  • Calculate the gross profit and operating income.
  • Determine the net income after accounting for interest and taxes.
  • Present the income statement in a table format.
  • Discuss the importance of each section of the income statement.