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In: Accounting

Financial Statement

Prepare the Income Statement from the information that has been provided.

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Expert Solution

The Income Statement has been prepared by first adding the total revenues earned from all the different sources. From the total revenues, the total expenses that have been incurred by the business are deducted to arrive at the Net Operating Income.

Armani Company
Income Statement
For the year ended December 31, 2019
Revenues:
 
 
Consulting Revenue
$34,800
 
Rental Revenue
$23,800
 
 
 
 
Total Revenue
 
$58,600
Expenses:
 
 
Salaries Expenses
$20,900
 
Rent Expenses
$12,900
 
Selling and Admin
Expenses
$8,900
 
 
 
 
Total Expenses
 
-$42,700
Net Income
 
$15,900

Net Income: $15,900

Soumik Mallick Choudhury answered 3 years ago
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