Question

Write the answer in a income statement sheet

Answer 1

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

Income Statement

For the year ended November 30, 2020

Revenue:

Repair Revenue     $9,900

Installation fees        1,600

Total revenue                       $11,500

Expenses:

Salaries                  $2,600

Rent                          2,000

Advertising                 850

Supplies                      185

Utilities                       235

Insurance                   150

Delivery                     770

Total expenses                   $6,790

Net income                          $4,710

What is an income statement?

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.

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Answer 2

The income statement has net income of $4710.

Income statement

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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