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2 years ago

Write the answer in a income statement sheet

Business

2 answers:

madam [21]2 years ago

8 0

Writing the net income in an Income statement sheet for Riley Repair Shop for the year ended November 30, 2020, is as follows:

Riley Repair Shop

<h3>Income Statement</h3>

For the year ended November 30, 2020

<h3>Revenue:</h3>

Repair Revenue $9,900

Installation fees 1,600

Total revenue $11,500

<h3>Expenses:</h3>

Salaries $2,600

Rent 2,000

Advertising 850

Supplies 185

Utilities 235

Insurance 150

Delivery 770

Total expenses $6,790

Net income $4,710

<h3>What is an income statement?</h3>

An income statement is a financial statement that summarizes an entity's revenue and expenses to determine the net income.

It is also called an income summary and determines the entity's financial performance for a financial period.

Thus, Riley Repair Shop's income statement shows that it earned a net income of $4,710 for the year ended November 30, 2020.

Learn more about preparing income statements at brainly.com/question/24498019

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scoundrel [369]2 years ago

5 0

The income statement has net income of $4710.

<h3>Income statement</h3>

Income statement for the year ended November 30, 2020

Repair Revenue $9900

Installation fees $1600

Total revenue $11,500

Expenses:

Salaries expense $2600

Rent expense $2000

Advertising expense $850

Supplies expenses $185

Utilities expense $235

Insurance expense $150

Delivery expense $770

Total expenses $6790

Net income $4710

($11,500-$6790)

Therefore the income statement has net income of $4710.

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Answer:

Dr Income Summary $237,000

Cr Farmer, Capital $162,000

Cr Taylor,Capital $75,000

Explanation:

Preparation of the journal entry to allocate net income

Based on the information given in a situation where their partnership agreement calls for Farmer to receive the amount of $87,000 per year salary in which the remaining income or loss is to be divided equally among them which means that Assuming the net income for the current year is the amount of $237,000, the journal entry to allocate the net income is:

Dr Income Summary $237,000

Cr Farmer, Capital $162,000

($237,000-$75,000)

Cr Taylor,Capital $75,000

[($237,000-$87,000)/2]

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