Question

Create an Income Statement for the month ended November 30, 2020 for Riley Repair Shop:

Repairs Revenue is $9,900
Installation Fees is $1,600
Salaries Expense is $2,600
Rent Expense is $2,000
Advertising Expense is $850
Supplies Expense is $185
Utilities Expense is $235
Insurance Expense is $150
Delivery Expense is $770

Answer 1

The Net income from the Income Statement of Riley Repair Shop equals $4,710.

What is the Income statement?

Revenue:

Repairs Revenue = $9,900

Installation Fees = $1,600

Total                                                                    $11,500

Salaries Expense =     $2,600

Rent Expense =           $2,000

Advertising Expense   $850

Supplies Expense        $185

Utilities Expense          $235

Insurance Expense      $150

Delivery Expense         $770

Total                                                                     $6,790

Net Income                                                         $4,710

Therefore, the Net income from the Income Statement of Riley Repair Shop equals $4,710.

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