 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Where do you put the income summary on a income statement
I am working on a project for school and I am at a lose on where to put my income summary. My choices are either under cost of goods sold, selling expense, or Gereral and administrative expenses. Can someone please help?? :confused:
|
||||
|
||||
|
Income summary account is only used when you are closing out your revenues and Expenses to Retained Earnings which is a balance sheet Account. You close out revenues and expenses because they are temperary accounts, which means the amounts in these accounts to not transfer from period to period. At the beiginning of the next period all temporary accounts will have a zero balance. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
Income Statement Preparation I was provided the following information and would like to know how I can figure out the Income taxes (30% of income before taxes) Accounts Payable: 35,000 Accounts Receivable: 65,000 Advertising Expense: 15,000 Cash: 19,500 Supplies Expense: 46,000 Rent...
What is the difference between a cash-basis income statement and an accrual-basis income statement? For example, how would I record a cash basis income statement for April, May, and June, if the company started in April? HELP!
Supposedly what are the journal entry of income summary? Is it an asset? Liability? Or Owner's equity?
I am trying to figure out how to detemine net income if you don't hae an income statement? With this question there are a couple of insites that need to be stated. While trying the find the net income you are not given revenue or expense amounts? Is it possible to find the net income under these...
I am doing a 10 column worksheet and I have a credit $ amount in the Income Summary account in the Adjusted Trial Balance. Do I move that to the Income Statement or the Balance Sheet section of the worksheet?
View more questions Search
|
