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Which statement indicates that the company earned a net income?
Wiki User
∙ 13y ago
Profit and loss
Wiki User
∙ 13y ago
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Which financial statement shows the net income earned by a company?
The income statement.
Does fees earned go on an income statement?
income statement
1 What do you mean by financial statement and what are things involved in that?
A financial statement is a combination of Net income statement, Balance sheet, a cash flow statement and owners equity statement of a specified period. It indicates the current position of the company.
How are revenues and expenses reported on the income statement under the accrual basis of accounting?
Revenues are reported on the income statement in the period in which they are earned.
What is the income you earn from the shares dividend?
Income earned from shares is called dividend income and shown in income statement as "Other income".
Are commissions earned an income statement acccount?
They Don't go on the balance sheet unless they are currently earned but owed at a later date. When paid out at the time they are earned they would be assigned to the Income & Expense statement as an expense to "sales commission's Expenses". The only time they would show up on the balance sheet if they were earned but not yet paid out then they would be credited to the accounts payable column in current liabilities as maybe "sales commisions owing" against a debit to the expense account ......... expense account - sales commissions $xxxx Dr - liability account - Sales Commissions owing $xxx Cr
Why is your Net Income on bottom line Profit and Loss statement is negative?
Net income is negative which means that either company has earn less revenue or have incurred more expenses then revenue earned.
What statement summarizes the results of the company's operations?
The income statement summarizes the results of the company's operations.
Prepaid income balance sheet or income statement?
Prepaid Income is a balance sheet item. Income received in advance is treated as Liability of the firm. The same get transferred to Income Statement / Profit & Loss Account when income is earned. Followed by Accrual Accounting concept and Accounting Period Concept, such income received before they are actually earned are booked as a liability and get transferred to Income Statement as income upon actually earning them.
What is the income statement?
The Income Statement is an accounting of income and expenses that indicates a firm's net profit or loss over a certain period of time, usually quarterly or yearly - a statement of operating expenses & revenue for a specific accounting period.
What is budgeted income statement?
Budgeted income statement is the projected or planned income statement based on standard amounts to foresee the future business or company position before it
How is the income statement of a service company?
Income statement of services company is same with little difference that there is no purchases inventory as in services company services are provided rather any goods or product.
