Revenue
Trading account statement does not report net of income taxes or net of income.
Net income is calculated in income statement as well as net income is also shown in balance sheet liabilities side under equity section as well this is the same amount which is calculated in income statement.
Income statement.
Sales returns and allowances reduces the actual sales value that;s why shown as deduction from Sales Revenue in Income Statement
No they belong under the liabilities section on a Balance Sheet
gross sales
gross sales
abnormal loss is part of income statement and shown under other losses section or abnormal losses section of income statement.
The Income Statement section of the work sheet is the information source used in preparing the income statement.
Trading account statement does not report net of income taxes or net of income.
Dividend revenue is shown as other revenue section of profit and loss section of income statement.
The Income Statement must be prepared first because the Current Profit or Loss (from the Income Statement) is needed in the Equity section of the Balance Sheet to make it balance. Also, the current profit or loss is the starting point to calculate Cash from Operations needed for the Cash Flow Statement.
The Income Statement section of the work sheet is the information source used in preparing the income statement.
Net Income (Loss)
Rent revenue appears under the Non-Operating Revenue Section on the income statement.
Income statement.
Net income is calculated in income statement as well as net income is also shown in balance sheet liabilities side under equity section as well this is the same amount which is calculated in income statement.