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fees earned-950,000 office expense -222,000 miscellaneous expense-16,000 wage expense-478,000
A reduction of an expense on the income statement.
Profit = income - expense
yes
It should be posted under operating expense.
fees earned-950,000 office expense -222,000 miscellaneous expense-16,000 wage expense-478,000
Interest expense is shown at debit side of income statement because it is an expense for business.
A reduction of an expense on the income statement.
Profit = income - expense
Maintence Expense is just like any other expense and will be reported on the income statement and deducted from Gross Income to obtain Net Income...
Accounts found on an Income Statement are : Cost of Sales, Sales Rev., Selling Expense and Wage Expense
yes
Explain the concept of depreciation and why organisations need to recognise deprecations expense in the Income Statement.
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
yes
Income Statement
No, that is explained on the Statement of Changes in Owner's Equity. However, you do need to prepare a Statement of Comprehensive Income first in order to prepare the Statement of Changes.