Income Accounting Statement

An income accounting statement is a financial paper work which shows the detailed overview of an individual or organization‘s income account. By tallying the expenditure and income, net income of the concerned authority could be achieved efficiently. Therefore, such a document should be prepared with utmost efficiency so that it could be produced with honesty and accuracy.

Sample Income Accounting Statement

Name of the business: Elite Shoe Company

Date of issuing income accounting statement: 6th June 2010

Income Accounting Statement for the Year 2010

The income account statement for the Year 2010 of Elite Shoe Company is presented by the company so that its net income could be clearly gauged by the company management.

Name of the accounts                   Segregated Sums of each account               Aggregate Sums

Cost of Sales                                                                                                          3,600,000

  • Labor                                    666,000
  • Material                                 415,000
  • Other resources                     300,000

____________________________________________________________________________

Gross Margin                                                                                                       3,600,000

______________________________________________________________________________

Operating Expenses

  • Administrative and General     600,000
  • Selling                                       780,000
  • Amortization and Depreciation   120,000                                                1,40,000

Total Operating expenses                                                                            4, 640,00

Other expenses and income

  • Extraordinary and Usual Items   250,000
  • Interest expense                         65,000
  • Interest expense                  30,000                                           1,100,00

Total of other expenses and income is                                      5, 740,00

From all necessary document of transactions related to company’s income account, the total income amount for the year 2010 is 355,000 excluding the taxes.

With a rate of .35% Income tax that is 118,000 the total amount comes up to 237,000.

Therefore, the net income for the company on Year 2010 is $237,000 as estimated by the company’s account department.

Any discrepancy related to this statement should be immediately reported

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