An income statement is prepared to determine the financial performance of a business in terms of profitability. It shows the net income or net loss earned by the business during the period. It is prepared by taking into account revenues and expenses. Thus, it also shows the total revenues earned and expenses incurred during the period. The income statement from the given accounts from the adjusted trial balance .

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Chapter 9, Problem 19QS

To determine

Concept Introduction: An income statement is prepared to determine the financial performance of a business in terms of profitability. It shows the net income or net loss earned by the business during the period. It is prepared by taking into account revenues and expenses. Thus, it also shows the total revenues earned and expenses incurred during the period.

The income statement from the given accounts from the adjusted trial balance.

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