Question

The adjusted trial balance of Wilder Company at December 31,2017,includes the following accounts:

Owner's Capital	$15,600
Owner's Drawings	7,000
Service Revenue	39,000
Salaries & Wages Expense	16,000
Insurance Expense	2,000
Rent Expense	4,000
Supplies Expense	1,500
Depreciation Expense	1,300

Prepare an income statement for the Year

Answer 1

Wilder Company

Income Statement

For the Year 2017

Particulars	Amount$	Amount$
Revenue:
Service Revenue		39,000
Expenses:
Salaries & Wages Expense	16,000
Insurance Expense	2,000
Rent Expense	4,000
Supplies Expense	1,500
Depreciation Expense	1,300
Total Expense		24,800
Net Income		14,200

Calculation of Net income

Net income = Total Revenue - Total Expenses

                    = $39,000 - $24,800

                    = $14,200

Net income of Wilder Company for the year 2017 is $14,200

Net income of Wilder Company for the year 2017 is $14,200