Income Statement Practice Worksheet

The following trial balance is prepared after preparation of income statement for f.

Income statement practice worksheet. Is a retailer s interest expense an operating expense or a non operating expense. The financial statement that includes the true calculation for net income net loss. Practice questions multiple choice identify the choice that best completes the statement or answers the question. In the absence of information about the date of repayment of a liability then it may be assumed.

An income statement sometimes called a profit and loss statement lists your revenues and expenses and tells you the profit or loss of your. Green as at 31 march 2015 in both horizontal and vertical style. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business. Prepare balance sheet for f.

This quiz worksheet combination will assess your knowledge of the purpose of income statements. 100 000 x 12 x 1 12 1 000. Balance sheet income statement practice questions. Sales 500 000 purchases 225 000.

About this quiz worksheet. Which financial statement tells whether a company made or lost money in a given time period. Print preparing the basic income statement and statement of retained earnings worksheet 1. Updated on jan 13 2017.

Preparation of balance sheet horizontal and vertical style. Worksheet problem 3 prepare bologna s income statement statement of retained earnings and balance sheet for the year ending december 31 20x5. Be sure to prepare proper headings dqggdwhvrqhdfk qdqfldovwdwhphqw capital stock 102 500 wage expense 92 500 revenue 225 000 cash 22 500. The following information is all that is available.

To pass the quiz you will need to be familiar with related terminology. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. Selected account balances are listed below. The income statement must report the interest incurred regardless of the date the interest is paid.

Income statement profit and loss worksheet. The second worksheet shown on the right is a multi step income statement that calculates gross profit and operating income. Is a merchandising company that uses the periodic inventory system.