Income Statement Preparation
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Retained Earnings
Accumulated profits not distributed as dividends.
Depreciation Expense
Cost allocation of assets over their useful life.
Salary Expense
Cost incurred for employee wages.
Supplies Expense
Cost of supplies consumed in operations.
Dividends
Distributions of profits to shareholders.
Income Statement
Financial statement showing revenues and expenses.
Miscellaneous Expense
Other operating expenses not categorized.
Net Income
Profit after deducting all expenses from revenue.
Fees Earned
Revenue generated from services provided.
Common Stock
Shares issued to raise capital.
Total Expenses
Sum of all operating costs incurred.
Accumulated Depreciation
Total depreciation recorded over time.
Adjusted Trial Balance
Trial balance after adjusting entries.