Using the Information below, calculate net income, explain why the information that you included in your calculation is necessary and why the information you did not include is not necessary.

Cash 220

Wage expenses 200

Income tax expense 240

Prepaid Insurance expense 120

Interest expense 300

Interest Revenue 500

Unearned Rent Revenue 150

Accounts Payable 600

Inventory 800

Cost of goods sold 2,100

Sales revenue 3,000