The following account balances were taken from the 2021 adjusted trial balance of

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