Selected accounts from Westeros Co.’s adjusted trial balance for the year ended December 31 follow. Sales...

Selected accounts from Westeros Co.’s adjusted trial balance for the year ended December 31 follow. Sales $ 48,000 Depreciation expense $ 9,500 Repairs expense 950 Salaries expense 19,000 Depletion expense 4,900 Amortization expense 2,900 Prepare its income statement.

Expert Solution

Solution:

	INCOME STATEMENT
		Amount	Amount
	Sales		$ 48,000

	Less: Expenses
	Depreciation Expenses	$ 9,500
	Repair Expense	$ 950
	Salaries Expenses	$ 19,000
	Depletion Expenses	$ 4,900
	Amortization Expenses	$ 2,900
	Total Expenses		$ 37,250

	Net Income		$ 10,750

ekkarill92 answered 2 years ago

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