Chapter 1, Problem E1.31E

To determine

Income Statement:

TheIncome statement is a summary analysis statement which provides the results of operations of the business during the particular period of time, which may be for a year, half year, quarter, or month. The Income statements collects the revenues of the period under the different heads on the one hand and expense for the period under different heads on the other hand. And the difference will be results of operations of the business. If the revenues are larger than expenses, then the operating result will be net income for the period and when expenses are more than revenues, the results will be net loss incurred for the period.

Requirement1:

TheIncome Statement for the month of June for Wilford Towing service.

To determine

Requirement2:

The reporting made by Income Statement.