Consulting Revenue Income Statement

An income statement otherwise known as a profit and loss statement is a summary of a company s profit or loss during any one given period of time such as a month three months or one year.

Consulting revenue income statement. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. Income statement for year ended october 31 2020 revenues consulting revenue from accounting 152 at humber college. Aapl posted a top line revenue.

Generally accepted accounting principles state that revenue cannot be booked unless persuasive evidence of an agreement exists services have been rendered the price is fixed or determinable. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this. In accounting the income statement income statement the income statement is one of a company s core financial statements that shows their profit and loss over a period of time. This is the revenue gained from the company s principal business consulting.

Just as revenue is the top line net income is the bottom line or the bottom figure on a company s income statement. The income statement for a consulting firm begins with consulting revenue. Debit credit 4 points question 4 the account classification for allowance. Balance sheet income statement statement of owner s equity 4 points question 2 notes receivable would appear on the.

The income statement records all revenues for a business during this given period as well as the operating expenses for the business. Income example apple inc.