Cobalt Co.'s income statement shows Service Revenue of $64,000,Salaries and Wages Expense of $40,000 and net income of $1,600.The other expenses on Cobalt's income statement must equal:

Question

Quizplus · Accepted Answer

Net Income = Revenues − Expenses
Expenses = Revenues − Net Income
= $64,000 − $1,600 = $62,400
Total Expenses = Salaries and Wages Expense + Other expenses
Other expenses = Total Expenses − Salaries and Wages Expense
= $62,400 − $40,000 = $22,400

Cobalt Co'S Income Statement Shows Service Revenue of $64,000,Salaries and Wages