00:01
In this question, you've asked me to prepare an income statement given different amounts.
00:04
You gave sales revenue of 62 ,500.
00:11
Rental revenue of 15 ,300.
00:22
Product expense for 52 ,200.
00:30
Wages expense for 18 ,900.
00:39
Owners investment for 12 ,000.
00:46
Equipment for 56 ,000, utilities expense for 1 ,800, and lastly, taxes expense for 400.
01:10
And you've asked to make an income statement given these amounts.
01:16
Income statement always starts out with revenues.
01:19
If we have more than one revenue, that's okay, we just list them.
01:23
So i have sales revenue and rental revenue under the revenue title.
01:31
$62 ,500, and $15 ,300.
01:39
When you have more than one revenue, you need to total them out.
01:44
This is a total of $77 ,800.
01:49
From revenue, you subtract cost of goods sold, which is the same as product expense...