Ferg - Exinfm.com Income Statement Example L8 (15 )

The balances for Income Statement accounts cover:

• A specific period of time

• Only a year at a time

• Only a month at a time

• When the time stamp is applied to the report

Which accounts might be listed on the Income Statement?

• Sales Revenue

• Investment Income

• Equipment Expense

• Bond Dividends Payable

You have the following: Sales Revenue $98,000, Investment Income $23,500, Utility Expense $5,000. What is the amount of Total Revenue?

• $121,500

• $116,500

• $127,500

• $111,500

You have the following: Advertising Expense $4,900, Administrative Salaries $68,000, Tax Expense $8,300, Investment Income $10,000. What is the total expenses?

• $81,200

• $91,200

• $71,200

• $61,200

You have Sales Revenue $240,800, Investment Income $18,000, Cost of Goods Sold $85,000, Interest Expense $6,400. What is the Net Income?

• $167,400

• $173,800

• $180,200

• $161,400

TOTAL REVENUES - TOTAL EXPENSES =

• Net Income

• Gross Income

• Net Revenues

• Gross Expenses

What the company earned from sales of products and services is called:

• Revenue

• Expenses

• Assets

• Liabilities

What was expended to earn revenue is called:

• Expenses

• Profit

• Liabilities

• Assets

The period of time stated on an Income Statement is the:

• accounting period

• revenue month

• expense frame

• accounting year

One key difference between the Income Statement and the Balance Sheet is that:

• the Income Statement reflects a time period

• the Income Statement reflects a specific month

• the Income Statement reflects a specific week

• the income statement reflects all liabilities