Homework Answers
1.
Income statement
| Revenues | ||
| Sales revenue | 54,630 | |
| Rent revenue | 440 | |
| Total revenues | 55,070 | |
| Expenses | ||
| Salaries and wages expense | 24,400 | |
| Depreciation expense | 2,700 | |
| Utilities expense | 5,620 | |
| Insurance expense | 2,800 | |
| Rent expense | 7,400 | |
| Income tax expense | 4,300 | |
| Total expenses | - 47,220 | |
| Net income | $7,850 |
2.
Net income generated = $7,850
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