Question: Using the following data, create an income statement for the Rylos Records and Riffs for the year ended December 31, 2018: Salaries - $82,000 Record

Using the following data, create an income statement for the Rylos

Records and Riffs for the year ended December 31, 2018:

Salaries - $82,000

Record Sales - $150,000

Rent Expense - $12,000

Utilities Expense - $3800

Merchandise Sales $58,000

Supplies Expense- $690

Studio Rental Income - $38,000

Advertising Expense - $1,650

Does Rylo have a Profit or Loss for this year?

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