0
income statement includes expenses and incomes related to that specific single fiscal year for which that income statement is prepared. It is to clarify that only income and expenses related to that specific period is included and not for any other fiscal year.
Add your answer:
Earn +20 pts
What goes on income statement and what goes on balance sheet?
expenditures and revenue go to income statement while assets, liabilities and capital go to the balance sheet.
How do you account for receivables on the income statement?
Receivables are not part of income statement rather these goes to balance sheet as these are future activities.
Sale of fixed assets go on the income statement?
No profit or loss from sale of fixed asset goes into income statement while the cash proceeds goes to cash book.
Does the amortized amount of prepaid expense goes on income statement?
YES
Where does disposal of motor vehicle go in an income statement?
Disposal of motor vehicle is not shown in income statement rather proceeds goes to balance sheet any loss or profit on disposal is shown in income statement only.
Does bank expense goes at income statement?
No, bank expenses do not typically go on the income statement. Bank expenses are usually recorded on the bank's own financial statements as part of their operating expenses. The income statement of a bank would typically include items such as interest income, loan loss provisions, and non-interest income.
Why the statement of cash flows provides useful information that goes beyond income statement and balance sheet data?
statement of cash flows provides useful information that goes beyond income statement and balance sheet data because provides information to security analysts and stockholders
Do accounts receivable go on an income statement?
Nope. It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L.
Does unearned revenue go in the income statement?
No, it goes on the balance sheet as a liability.
Does telephone go on the income statement?
No, telephone expenses do not go on the income statement. Telephone expenses would be recorded as an operating expense on the income statement under the category of "Communication expenses" or similar designation.
Does equipemnt go on an income statement?
No its goes on the balance sheet as a non current asset
Where does accounts receivable go balance sheet or income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sales (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L
