THE INCOME STATEMENT REVENUES (money earned for the business) Less: (-) EXPENSES (expired costs) Total = NET INCOME or LOSS (difference between Assets & Liabilities - What you own of the company)
THE INCOME STATEMENT FOR THE MONTH ENDED DECEMBER 31, (YEAR) REVENUES (money earned for the business) Less: (-) EXPENSES (expired costs) Total = NET INCOME or LOSS (difference between Assets & Liabilities - What you own of the company)
Revenue: Earnings of the business
ReplyDeleteExpenses: Expired costs of business such as telephone bills, insurance, wages, and advertising.
THE INCOME STATEMENT
ReplyDeleteREVENUES (money earned for the business)
Less: (-) EXPENSES (expired costs)
Total = NET INCOME or LOSS (difference between Assets & Liabilities - What you own of the company)
THE INCOME STATEMENT
DeleteFOR THE MONTH ENDED DECEMBER 31, (YEAR)
REVENUES (money earned for the business)
Less: (-) EXPENSES (expired costs)
Total = NET INCOME or LOSS (difference between Assets & Liabilities - What you own of the company)
THE BALANCE SHEET
ReplyDeleteCOMPANY A
DECEMBER 31, (YEAR)
Assets = Liabilities + Owner's Equity (AKA Net Worth)