The income statement of a service-sector firm reports?
Homework Answers
Answer:
Income statement of service-sector firm reports operating income from providing services. These statement would not involve cost of goods sold. These will first include revenue from services & deduct all period costs from such revenue to arrive at operating income. The format is prescribed below:
AYZ Company
Income Statement
For the period ending xyxy $
| Revenue from services (a) | xxx | |
| Less: Operating Expenses | ||
| Advertising expenses | xx | |
| Depreciation | xx | |
| Internet charges | xx | |
| Total operating expenses (b) | xxx | |
| Operating Income/ (Loss) (a-b) | xxx |
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