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3 years ago

Wayman Corporation reports the following amounts in its December 31, 2018, income statement.

Business

1 answer:

Viktor [21]3 years ago

4 0

Answer:

Wayman Corporation's Net Income for the year ended December 31, 2018 is $64,000.

Solution in excel file is also attached for your reference.

Explanation:

Wayman Corporation

Income Statement for the year ended Dec 31, 2018

Sales Revenue $348,000

Less: Cost of Goods Sold $124,000

Gross Profit $224,000

Less Expenses:

Operating Expenses

Selling Expenses

Salaries Expense $34,000

Advertising Expense $24,000

Total Selling Expenses $58,000

General & Admin Expenses

Utilities Expense $44,000

Total General & Admin Expenses $44,000

Total Operating Expenses $102,000

Income from Operations $122,000

Other Expenses

Interest Expense $14,000

Income before income taxes $108,000

Less: Income Tax Expense $44,000

Net Income $64,000

Download xlsx

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