Abc, inc.'s income statement shows service revenue of $40,000, wages expense of $25,000 and net income of $1,000. the other expenses on abc's income statement must equal to $14,000.
What is income statement?
One of the most often and important financial statements you're likely to see is an income statement. Income statements, sometimes referred to as profit and loss (P&L) statements, include the cumulative effect of revenue, gain, expense, and loss transactions and include a summary of all income and expenses for a specific period.
Therefore,
Abc, inc.'s income statement shows service revenue of $40,000, wages expense of $25,000 and net income of $1,000. the other expenses on abc's income statement must equal to $14,000.
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