Webby Corporation reported the following amounts on its income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income tax expense, $900. If the only other amount reported on the

Webby Corporation reported the following amounts on its income statement: service revenues, $32,500; utilities expense, $300; net income, $1,600; and income tax expense, $900. If the only other amount reported on the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Webby Corporation reported the following amounts on
its income statement: service revenues, S32,500; utilities expense, $300; net income, $1,600; and income tax
expense, $900. If the only other amount reported on the
income statement was for selling expenses, what amount
would it be?
a. $2,200 c. $30,000
b. $29,700 d. $30,900

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