The Net Income for the quarter is give as: $90,850. See the attached for more explanation.
<h3>What is an Income Statement?</h3>An income statement summarizes a company's sales, costs, and profitability over time. It is sometimes referred to as a profit-and-loss (P&L) or earnings statement.
It displays your revenue from the sale of goods or services expenditures to produce income and run your company
It is important to note that when there is a short fall between expense and income, it is referred to as Net Loss. The net financial position is derived by removing the sum of all expenses from the sum of all income streams.
The three main parts of an income statement is:
- Revenue
- Expenses; and
- Profit.
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