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The income statement shows that for the year ending Dec 31, 2017 the company had total revenues of $180,000, an increase from $157,000 in the previous year. Total expenses in 2017 were $142,660, up from $132,200 in 2016. This resulted in net income before taxes of $37,340 in 2017 and $24,800 in 2016. The company's net income was $22,404 in 2017 compared to $14,880 in 2016.

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55 views

Account Reports

The income statement shows that for the year ending Dec 31, 2017 the company had total revenues of $180,000, an increase from $157,000 in the previous year. Total expenses in 2017 were $142,660, up from $132,200 in 2016. This resulted in net income before taxes of $37,340 in 2017 and $24,800 in 2016. The company's net income was $22,404 in 2017 compared to $14,880 in 2016.

Uploaded by

19811210
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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[Company Name] Income Statement

For the Years Ending [Dec 31, 2014 and Dec 31, 2013]

Revenue 2017 2016


Sales revenue 110,000 95,000
(Less sales returns and allowances)
Service revenue 70,000 62,000
Interest revenue
Other revenue
Total Revenues 180,000 157,000
[42]

[42]

Expenses
Advertising 1,000 1,000
Bad debt
Commissions
Cost of goods sold 65,000 63,000
Depreciation
Employee benefits
Furniture and equipment 8,000
Insurance
Interest expense 4,200 5,200
Maintenance and repairs
Office supplies
Payroll taxes
Rent
Research and development
Salaries and wages 55,000 55,000
Software
Travel
Utilities
Web hosting and domains
Other 17,460
Total Expenses 142,660 132,200

Net Income Before Taxes 37,340 24,800


Income tax expense 14,936 9,920

Income from Continuing Operations 22,404 14,880


{42} [42]

Below-the-Line Items
Income from discontinued operations
Effect of accounting changes
Extraordinary items

Net Income 22,404 14,880

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