How does one prepare an income statement? 1) Prepare an income statement for the year ended December 31, 2023.Your CompanyIncome StatementFor Year Ended December 31, 2023Revenues:Total revenuesExpenses:Total expenses CashShort-term investmentsAccounts receivable, netSuppliesPrepaid expensesLong-term notes receivableInvestments in stocks and bondsBuildingsAccumulated depreciation - BuildingsLandCopyrightsAccounts payableUnearned feesLong-term notes payableCommon stockRetained earningsDividendsServices revenueInterest revenueYour CompanyTrial BalanceDecember 31, 2023Rent expenseSalaries expenseMiscellaneous expensesDepreciation expenseTotalsDebit$20,30015,30028,4007,1005,70032,00026,00046,80037,0008,00010,4008,20027,3005,4604,680$282,640Credit$9,40011,2002,20028,00064,00096,14068,2003,500$282,640REQUIRED:1) Prepare an income statement for the year ended December 31, 2023.

Income Statement is a financial statement that includes revenue earned and expenses incurred during the financial year. The result of the statement will show the net income or loss for the period. This Statement is prepared on an accrual basis. The result will be posted to the retained earnings.This statement will result in the net income of the revenue portion being higher than the expenses incurred and net loss if the expense portion is higher than the revenue earned.Your CompanyIncome StatementFor the Year Ended December 31, 2023Revenues:Service Revenue $ 68,200Interest Revenue $ 3,500Total Revenue $ 71,700Expenses:Rent Expense $ 8,200Salaries Expense $ 27,300Miscellaneous Expense $ 5,460Depreciation Expense $ 4,680Total Expenses $ 45,640Net Income $ 26,060The income statement is prepared using the adjusted trial balance and net income resulting from it.