SECTION 5 DROPBOX - INCOME STATEMENT FORM

Mr. James runs a retail shop. Calculate the net income or net loss in reference to the following transactions that occurred during the month of January. Solve this problem using an electronic spreadsheet. 

1. Sale of Goods $70,000 
2. Materials Used $30,000 
3. Wages Paid $10,000 
4. Other Expenses $5,000