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1 May, 22:06

his information relates to Sunland Company for the year 2022. Retained earnings, January 1, 2022 $77,700 Advertising expense 2,080 Dividends 6,960 Rent expense 12,000 Service revenue 67,280 Utilities expense 2,900 Salaries and wages expense 34,800

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  1. 1 May, 22:30
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    Preparation of the income statement for Sunland Company ending December 31, 2022 is presented below:

    Sunland Company

    Income statement

    Revenue

    Service revenue $67,280

    Total revenues $67,280 (A)

    Less: Expenses

    Advertising expense $2,080

    Rent expense $12,000

    Utilities expense 2,900

    Salaries and wages expense 34,800

    Total expenses $57,780 (B)

    Net income $15,500 (A - B)

    Simply we deduct the total expenses from the total revenues so that the net income could arrive
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