Income statement and Balance Sheets

Front

What is the Income statement formula?

Back

Revenue - Expense - Taxes = Net Income

Front

Net Income will always be positive

Back

False

Front

Assets=L + E

Back

True

Front

__________= liability + equity

Back

Assets

Front

Revenue = Gross Profit - Cost of Good Sold

Back

Revenue is the amount of money generated from sales after deducting the cost of goods sold.

Front

COGS

Back

cost of goods sold

Front

Which of the following is considered financial statements? Balance Sheets, Income Statements, Balance Sheets and Income Statements

Back

Balance Sheets and Income Statements

Front

Expenses are: Salaries, Rent, Utilities, Taxes, Cost of goods sold

Back

Salaries, Rent, Utilities

Front

(1000)

Back

-1000

Front

Income Statements are typically filled out

Back

every 6 months or end of the year