Question

Write the answer in the empty income statement

Answer 1

Writing the net income in an Income statement sheet for Compu-Paris Inc. for the year ended December 31, 2020, is as follows:

Compu-Paris Inc.

Income statement

For the year ended December 31, 2020

Revenue:

Fees earned                        $74,175

Commission earned            42,590

Total revenue                    $116,765

Expenses:

Car expenses     $13,600

General expense   3,985

Postage expense      415

Rental expense     7,640

Wages expense 29,820

Total expenses                  $55,460

Net income                         $61,305

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.

Also called an income summary, it determines the entity's financial performance for a financial period.

Thus, Compu-Paris Inc.'s income statement shows that it earned a net income of $61,305 for the year ended December 31, 2020.

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Answer 2

The income statement net income is $61,305.

Income statement

Income statement for the year ended December 31 2020

Revenue:

Fees earned $74,175

Commission earned $42,590

Total revenue $116,765

Expenses:

Car expenses $13,600

General expense $3,985

Postage expense $415

Rental expense $7,640

Wages expense $29,820

Total expenses $55,460

Net income $61,305

($116,765-$55,460)

Therefore the income statement net income is $61,305.

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