Bowler Corporation
Income Statement for 2021
Sales revenue $485,000
Less Cost of goods sold ($248,000)
Gross Profit $237,000
Less Expenses
salaries expense $61,000
rent expense $36,000
depreciation expense $46,000
miscellaneous expense $28,000 ($171,000)
Net Income/ (Loss) $66,000
Explanation:
Income Statement shows the Operating performance of the the company over the financial period.
Income/loss = Sales - Expenses.
labor form income property received by households