# I prepared an income statement for the following information given and I know my income statement...

###### Question:

I prepared an income statement for the following information given and I know my income statement is correct because I checked my work using the resources provided online. However, my question is where does the balance of the Income From Operations (78,800) on the income statement come from? i.e... How was this number, 78,800 decided?
BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $478,800 Net Sales Cost of Goods Sold Salaries and Wages Expense office Expenses Travel Expenses Income Tax Expense Net Profit Totals$311,000 66,000 22,000 1,000 23,640 55,160 $478,800$ 478, 800
BIG TOMMY CORPORATION Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Expenses $478,800 311,000 167,800 Salaries and Wages Expense Office Expenses Travel Expense 66,000 22,000 1,000 Income from Operations Income Tax Expense 78,800 23,640 Net Income$ 55,160

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