Kim Renovation Inc. renovates historical buildings for commercial use. During 2022, Kim had $798,700 of revenue from renovation services and $7,425 of interest income from miscellaneous investments. Kim incurred $222,900 of wages expense, $123,960 of depreciation expense, $39,025 of insurance expense, $109,300 of utilities expense, $31,000 of miscellaneous expense, and $61,400 of income tax expense.
Required:
Prepare a single-step statement of earnings for Kim for 2022.
Kim Renovation Inc.
Statement of Earnings
For the Year Ended December 31, 2022
Revenues:
Total revenues
Expenses:
Total expenses
Net income
