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common stock was 25000 and retained earingns was 155000 as of may 1. during the year additional common stock of 10,000 was issued for cash and dividends of 40,000 were paid

Sagot :

An income statement is a financial statement that lists the revenue and expenses of the firm. Additionally, it displays a company's profit or loss over a specific time frame. The income statement, together with the balance sheet and cash flow statement, aids in your comprehension of your company's financial situation.

Revenue Statement

Amount $

Fees earned 875,000

for the fiscal year that concluded on April 30, 20Y7.

Expenses:

Rent costs were 75,000.

Cost of supplies: 12,000

Cost of utilities: 38,000

Cost of wages: 525,000

An unspecified amount of 15,000

Cost of taxes: 10,000

Total costs were 675,000.

200 000 in net income

Learn more about income statement here :

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