Respuesta :
Ron landscaping's income statement reports net income of $75,300, which includes deductions for interest expense of $11,500 and income taxes of $30,500. its times interest earned is 6.5.
What is income statement?
- An income statement is one of the three major financial statements (along with the balance sheet and the cash flow statement) that report a company’s financial performance over a specific accounting period.
- Net Income = (Total Revenue + Gains) - (Total Expenses + Losses)
- Total revenue is the sum of both operating and nonoperating revenue, while total expenses include those incurred by primary and secondary activities.
- Revenue is not receipts. Revenue is earned and reported on the income statement. Receipts (cash received or paid out) are not.
- An income statement provides valuable insights into a company’s operations, the efficiency of its management, underperforming sectors, and its performance relative to industry peers.
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