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As of December 31, 2019, Armani Company’s financial records show the following items and amounts. Cash $ 10,300 Accounts receivable 9,300 Supplies 6,300 Equipment 5,300 Accounts payable 11,600 Common stock 14,300 Retained earnings, Dec. 31, 2018 3,300 Retained earnings, Dec. 31, 2019 5,300 Dividends 13,300 Consulting revenue 33,600 Rental revenue 22,600 Salaries expense 20,300 Rent expense 12,300 Selling and administrative expenses 8,300 Required: Prepare the 2019 year-end income statement for Armani Company.

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Answer:

Net income is $15,300

Explanation:

The income statement for Armani Company as at 31st December is shown below:

                                                          $                                 $

Consulting revenue                                                      33,600.00

Rental revenue                                                             22,600.00

Total revenue                                                                 56,200.00  

Salaries expense                              20,300.00

rent expense                                      12,300.00

selling and administrative expense  8,300.00

Total expenses                                                          (  40,900.00 )

Net income   for the year                                             15,300.00  

The net income is total revenue less all expenses incurred in the year.

The total revenue comprises of consulting and rental revenue while expenses consist of salaries,rent as well as selling and administrative expenses.

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