income statement accounts and expenses

Cris A. Capilayan

Represent revenue derived from the sale of merchandise

Account title used for all types of income derived from rendering of services.

Account title generally used by professionals.

Ex. Dental fee, medical fees.

For income earned on buildings , space or other properties owned and rented by the business as the main line of this activity.

Under the accrual basis of accounting, the Interest Revenues account reports the interest earned by a company during the time period indicated in the heading of the income statement.

Miscellaneous income is any income received outside of typical employee wages.

Cost to produce and sell the goods

Expense incurred from borrowed money.

Amount paid for incurred in repairing or servicing the buildings, machineries, equipment, etc.

For the amount paid/incurred for the use of property, usually the premises.

Office supplies include copy paper, toner cartridges, business forms, pens, pencils, stamp pads, letter envelopes and other desk supplies.

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Under the accrual method of accounting, the account Salaries Expense reports the salaries that employees have earned during the period indicated in the heading of the income statement, whether or not the company has yet paid the employees. Salaries Expense will usually be an operating expense (as opposed to a nonoperating expense). Depending on the function performed by the salaried employee, Salaries Expense could be classified as an administrative expense or as a selling expense. If the employee was part of the manufacturing process, the salary would end up being part of the cost of the products that were manufactured.

https://www.accountingcoach.com/terms/S/salaries-expense

Anticipated loss that business may incur arising form uncollectible accounts.

The allocated portion of the cost of property and equipment /fixed assets.

For the amount paid for the business permits, licenses and other government dues except the income tax paid which is not allowable by law as deduction.

insurance expense is the cost of insurance that has been incurred, has expired, or has been used up during the current accounting period for the nonmanufacturing functions of a business.

https://www.accountingcoach.com/blog/what-is-insurance-expense

Under the accrual basis of accounting, this account reports the cost of the electricity, heat, sewer, and water used during the period indicated in the heading of the income statement.

An income statement account for expense items that are too insignificant to have their own separate general ledger accounts.

https://www.accountingcoach.com/terms/M/miscellaneous-expense