Income statement and Balance Sheets

What is the Income statement formula

• Revenue + Expense + Taxes = Net Income

• Revenue + expense - Taxes = Net Income

• Revenue - Expense - Taxes = Net Income

Net Income will always be positive

• True

• False

Assets=L + E

• True

• False

__________= liability + equity

• Assets

• Revenue

Revenue

• = Gross Profit + Cost of Goods sold

• = Gross Profit - Cost of Good Sold

COGS

• cost of gains sold

• cost of goods sold

Which of the following is considered financial statements?

• Balance Sheets

• Income Statements

• Balance Sheets and Income Statements

Expenses are

• Salaries, Rent, Utilities

• Taxes

• Cost of goods sold

(1000)

• -1000

• 1000

Income Statements are typical filled out

• every 6 months or end of the year

• Each day