Income Statement Solve for the Total Operating Expenses. Include the SUM function in your calculation to solve for the Wage Expense. Solve for the Interest Revenue and the Net Income Great Taste Restaurants Inc. Income Statement For the year ended December 31, 2016 Sales Revenue 1,200,000 Operating Expenses: Wages Expense Utilities Expense 35,000 Rent Expense 75,000 Advertising Expense 82,500 Depreciation Expense 50,000 Loss on disposal of assets 10,000 Total Operating Expenses Income from Operations 782,500 Other Items: Interest Revenue Interest Expense (15,000) Income before Income Taxes 769,500 Income tax expense 192,000 Net Income