Income statement question.. 3rd chapter miggs and miggs..Seperate balance sheet items from income statement items. and prepare an income statement only

So you say that we can generate all the requirements from this statement?

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Will you please check my solution? tomorrow i ll try to share it in the same thread

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[QUOTE=zaaraqutab;901620]So you say that we can generate all the requirements from this statement?

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We only need Revenue and Expenses items for income statement. commission earned is revenue while depreciation is an expense.

And the point
In addition furniture worth 50000 is purchased amount ll be paid in next year
What does it mean?

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this is a balance sheet item

for income statement u need revenues and expenses take this sample

ABC
Income statement
for the year ended...

[U]Revenue[/U]

Commision earned xxx

[U]Expenses:[/U]

rent expense xxx
salaries xxx
depreciation [U]xxx[/U] [U]xxx[/U]

Net income xxx

Im asking what ll we do with it in balance sheet?how we ll write the mentioned 50000 purchase on cradit in blnce sheet

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Is it our liability?
Bills payable?

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One more thing.
Plz plz plzzzzzzz suggest me a good book for auditing plzzzzzz

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yes..it is listed in assets as well as liabilities.