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
- 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