An income statement is a financial statement that lists the revenue and expenses of the firm. Additionally, it displays a company's profit or loss over a specific time frame. The income statement, together with the balance sheet and cash flow statement, aids in your comprehension of your company's financial situation.
Revenue Statement
Amount $
Fees earned 875,000
for the fiscal year that concluded on April 30, 20Y7.
Expenses:
Rent costs were 75,000.
Cost of supplies: 12,000
Cost of utilities: 38,000
Cost of wages: 525,000
An unspecified amount of 15,000
Cost of taxes: 10,000
Total costs were 675,000.
200 000 in net income
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