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Income Assignment Statement  Form

Income Assignment Statement Form

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Instructions and help about Income Assignment Statement

all right check this out so you're a brand new accountant and your boss comes over to you and says I want you to turn this trial balance into an income statement what do you do all right piece of cake you ready we're gonna follow four Easy Steps step number one is that you're gonna look at the trial balance and identify the income statement accounts they usually begin with number four for revenue and end with a six or seven for operating expenses or non-operating expenses so first is identify the accounts step number two is that you're gonna label these accounts with the parent name so if it's going to be sales transaction fees you call it sales if it's operating expenses payroll you call it payroll expenses now after you label all of your accounts you're gonna go ahead and use a summit formula to grab the ending balances of these accounts and then finally you're gonna go ahead and format and foot your income statement fol

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