Your answer is partially correct.

The following information is available for Sheffield Corporation for the year ended December $31,2022$: cost of goods sold $$227,000,$ sales revenue $$447,000,$ other revenues and gains $$47,000,$ and operating expenses $$79,000.$

Assuming a corporate tax rate of $20\%,$ prepare an income statement for the company.

SHEFFIELD CORPORATION Income Statement

December $31.2022$

Sales Revenue

$

Other Revenues and Gains

$47,000$

Cost of Goods Sold

Oberating Expenses

Income before Income Taxes

Income Tax Expense

Net Income $/($Loss$)$

$