INCOME STATEMENT Evaluation

Listed below are some accounts for Woburn Landscaping Co. for the year ended December 31, 2020. Sort the list of the following accounts into an Income Statement, using appropriate formatting.

Salaries Expense
5,050
Hydro Expense
1,150
Landscaping Revenue
13,100
Repair Expense
980
Rent Expense
4,200
Internet Expense
1,020
Advertising Expense
1,770
Supplies Expense
250
Plant Sales
3,900
General Expense
40

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-07-26T19:44:22+02:00

The income statement net income is $2,540.

Income statement for Woburn Landscaping Co. for the year ended December 31, 2020

Revenue:

Landscaping Revenue $13,100

Plant Sales $3,900

Total revenue $17,000

Expenses:

Salaries Expense $5,050

Hydro Expense $1,150

Repair Expense $980

Rent Expense $4,200

Internet Expense $1,020

Advertising Expense $1,770

Supplies Expense $250

General Expense $40

Total expenses $14,460

Net income $2,540

($17,000-$14,460)

Therefore the income statement net income is $2,540.

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