rippett Industries manufactures cleaning products. During the year, the company spent $600,000 on chemicals and $728,000 on conv
1 answer:
You might be interested in
Answer:
Explanation:
Before preparing the income statement, first, we have to compute the net income or net loss. So, the calculation is shown below:
In the simplest form, the net income = Total revenue - total expenses
= Ticket Revenue - aircraft fuel expense - income tax expense - interest expense - Repairs and Maintenance Expense - Salaries and Wages Expense - Landing Fees Expense
= $21,100 - $9,500 - $270 - $210 - $2,000 - $3,400 - $3,900
= $1,820
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
