Question

For the fiscal year 2019, your company has total revenues of $250,000 and total expenses of $213,000. Assets had a book value of $750,000, Liabilities had a value of $225,000, and dividends paid to shareholders were $50,000.
Create an Income statement below.

Answer 1

Answer:

Income Statement for the fiscal year ended 2019

Revenue          $250,000

Expenses  $213,000

Net Income  $37,000

Explanation:

The income statement for the year ended 2019 is made by deducting all the total expenses from revenue generated to find net income. The revenue is provided in the question which is $250,000. Total expenses are then presented in the income statement the amount is $213,000, this figure is deducted from revenue which derives the net income figure of $37,000.