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
