Question

E Insert Table Add Category av 100% View Zoom + ns Chart Media Comm Text Shape incomestatement generaljournal worksheet Marlborugh Gate Transit Income Statement For the Month Ended December 31, 2017 $ 13,920 $ 13,920 Revenues: Service Fee Interest Revenue Total Revenue Expenses: Advertising Gas & Oil Expense Salaries Expense Utilities Expense Insurance Expense Rent Expense Supplies Expense Depreciation Expense Total Expenses 3,050 680 3,600 150 1,000 4,000 8,720 21,200 Net Income S (7,280)

describe what you see on the income statement

Answer 1

Income statement is also known as profit and loss statement which provides the users of financial statements with the net income or (loss) for the reporting period. It does consist of Revenues, gains, expenses, losses, taxes and net income. It shows the company's revenues and expenses over a period of time. Period of time may vary from month, quarter, half -year or a year. In the given income statement for Malborugh fate transit's, its expenses have exceeded its revenues resulting in net loss for the month ended 31 December 2017