Categories that can be found on an income statement:
Revenues, Gains, Expenses, Losses
Owners Equity, Liabilities, Assets
Which accounts would be classified as assets?
Inventory, Accounts Receivable, Cash, Equipment
Sales Revenues, Retained Earnings, Notes Payable, Cost of Sales
Which accounts are liabilities?
Accounts Payable, Notes Payable, Wages Payable, Accrued Interest Payable
Selling Expenses, Wage Expenses, Retained Earnings, Cost of Sales
Which Accounts would be found on the income statement?
Wage Expense, Cost of Sales, Selling Expenses, Sales Revenue
Accounts Payable, Wages Payable, Notes Payable, Retained Earnings
Buckley Bookstore opened in 2007.
Buckley’s sales were $45,000 of which $40,000 was collected by the
end of the year.
Buckley purchased equipment for $3,000 and also during the year incurred expenses of
What is the value for Buckley’s 2007 Net income?
Amount of Net Income=$16,250