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Below you will find an incomplete income statement for the doctor's office of Susan Gonzalez. ...

Question:

Below you will find an incomplete income statement for the doctor's office of Susan Gonzalez.

Required:

Fill in the missing dollar amounts to complete the income statement.

Susan Gonzalez, MD
Income Statement
For Year Ended Dec 31
Revenues:
Examination fees $
Laboratory fees 76,800
Total revenues $247,100
Expenses:
Insurance expense $77,900
Salary expense 52,700
Rent expense 42,500
Janitorial expense
Miscellaneous expense 23,800
Total expenses 233,000
Net income $

The Income Statement:

In the income statement, the revenues and expenses for the period which is reported upon are reflected in order to calculate the operating profit for the period. The income statement is one of the required financial statements.

Answer and Explanation:


Susan Gonzalez, MD
Income Statement
For Year Ended Dec 31
Revenues:
Examination fees $170,300
($247,10 - $76,800)
Laboratory fees 76,800
Total revenues $247,100
Expenses:
Insurance expense $77,900
Salary expense 52,700
Rent expense 42,500
Janitorial expense 36,100
Miscellaneous expense 23,800
Total expenses 233,000
Net income $14,100

Learn more about this topic:

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Operations of an Income Statement

from Accounting 101: Financial Accounting

Chapter 8 / Lesson 5
5K

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