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The Income statement summaries the revenues and expenses of a company for a period of time. Typically you will find Revenues and Expenses on the income statement. The expenses include the costs that are incurred to operate your business.
Common stock will be found on a Statement of Cash Flows, not on the income statement. The information below should help you figure out what information goes into what sheet.
Income Statement
Revenues
Less: Expenses
Equal: Net Income
Statement of Retained Earnings
Beginning balance, retained earning (usually brought in from the 1st day of the year)
Add: Net Income (from the Income Statement)
Deduct: Cash Dividends (usually mentioned somewhere in the problem)
Ending Balance, Retained Earnings
Balance Sheet
Assets (like cash, accounts receivables, land, equipment)
Liabilities (all the bills that have to be paid out)
Capital stock (also known as common stock)
Retained earnings (brought in from retained earnings statement)
Statement of Cash Flows
Net Cash provided by Operating activities
Net Cash used by Investing Activities
Net Cash provided by Financing Activities
Wiki User
∙ 13y ago
Wiki User
∙ 9y agoCommon stock is shown under balance sheet and not in income statement.
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Does fees earned go on an income statement?
income statement
Does work in progress go on an income statement?
work in progress will not go on in income statement
Does Capital Stock go on Income Statement?
capital stock is liability for business and like all other liabilities it is also shown under liability section of balance sheet.
What financial statement does transportation in go on?
INcome Statement
Where does sales discount go on an income statement?
does discount allowed and discount received go into the income statement or balance sheet?
Does equipemnt go on the income statement?
No, the income statement is for revenue and expenses only. Equipment will go on your balance sheet with your assets.
Does investment revenue go on balance sheet or income statement?
consulting revenue will go to income statement in case if the firms main business is consultancy then sales otherwise will go under other income.
Does dues and subscriptions go on a balance sheet or income statement?
Income Statement under operating expenses.
Does interest revenue go on income statement?
Yes all revenues are part of income statement and interest revenue also that’s why it is shown in income statement as other income.
Do purchases go on an income statement?
No, purchases do not go on an income statement. The income statement only includes revenues and expenses directly related to the operation of the business. Purchases are recorded on the balance sheet as an increase in inventory or as an expense when the inventory is sold.
Does telephone go on the income statement?
No, telephone expenses do not go on the income statement. Telephone expenses would be recorded as an operating expense on the income statement under the category of "Communication expenses" or similar designation.
Where does interest go on balance sheet?
Interest is part of income statement and shown in income statement and not part of balance sheet.
