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What would go on my Income Statement?

What would go on my Income Statement?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What would go on my Income Statement?

Cash/ Checking Account Accounts Receivable Inventory Asset Office Supplies Inventory Prepaid Insurance Lawn and Landscaping Equipment Office Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Payroll Liabilities Interest Payable Sales Tax Payable Wages Payable Notes Payable - Long-term Smith, Capital Smith, Drawing Sales Revenue Service Revenue Cost of Goods Sold Advertising and Promotion Auto and Truck Expenses Depreciation Expense Field Wages Insurance Expense Interest Expense Miscellaneous Expenses Office Supplies Expense Office Wage Expense Payroll Expenses Rent Expense Repairs and Maintenance Expense Small Tools and Equipment Expense Utilities Expense Miscellaneous Income Debit 26,200.00 8,750.00 4,575.00 475.00 900.00 9,500.00 2,000.00 14,000.00 500.00 7,550.00 2,250.00 1,200.00 2,750.00 9,000.00 300.00 633.00 325.00 525.00 3,300.00 1,500.00 2,500.00 1,200.00 1,750.00 900.00 102,583.00 Credit 2,750.00 1,830.00 9,000.00 1,500.00 633.00 400.00 1,100.00 12,000.00 34,000.00 15,750.00 23,500.00 120.00 102,583.00
Transcribed Image Text:Cash/ Checking Account Accounts Receivable Inventory Asset Office Supplies Inventory Prepaid Insurance Lawn and Landscaping Equipment Office Equipment Truck Accumulated Depreciation Accounts Payable Unearned Revenue Payroll Liabilities Interest Payable Sales Tax Payable Wages Payable Notes Payable - Long-term Smith, Capital Smith, Drawing Sales Revenue Service Revenue Cost of Goods Sold Advertising and Promotion Auto and Truck Expenses Depreciation Expense Field Wages Insurance Expense Interest Expense Miscellaneous Expenses Office Supplies Expense Office Wage Expense Payroll Expenses Rent Expense Repairs and Maintenance Expense Small Tools and Equipment Expense Utilities Expense Miscellaneous Income Debit 26,200.00 8,750.00 4,575.00 475.00 900.00 9,500.00 2,000.00 14,000.00 500.00 7,550.00 2,250.00 1,200.00 2,750.00 9,000.00 300.00 633.00 325.00 525.00 3,300.00 1,500.00 2,500.00 1,200.00 1,750.00 900.00 102,583.00 Credit 2,750.00 1,830.00 9,000.00 1,500.00 633.00 400.00 1,100.00 12,000.00 34,000.00 15,750.00 23,500.00 120.00 102,583.00
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I thought for an Income Statement you only need serivce revenue, subract expenses and then you get a total which is the net income? 

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