Homework Answers
| Income Statement | ||
| Revenue | ||
| Government Contract Revenue | $ 20,500 | |
| Private Sector Revenue | $ 8,000 | |
| Total Revenue | $ 28,500 | |
| Expenses | ||
| Wages Expense | $ 14,000 | |
| Rent Expense | $ 1,000 | |
| Supplies Expense | $ 1,150 | |
| Total Expenses | $ 16,150 | |
| Net Income / (Loss) | $ 12,350 |
Net Income = $12,350
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