On an income statement covering January 1 to June 30, _________ would not be included as income
Income tax refund received April 14
I need it from unemployment
I need it for my rent
On an income statement covering January 1 to June 30, any income earned after June 30 would not be included.
To determine what should be included on an income statement for a specific period, follow these steps:
1. Determine the date range: Identify the specific period for which you are preparing the income statement. In this case, it is from January 1 to June 30.
2. Gather revenue information: Collect all the revenue earned within the specified date range. Revenue includes sales, service fees, rental income, or any other income generated by the business during that period.
3. Exclude post-period revenue: Exclude any revenue earned after the end of the specified period, which is June 30 in this case. Income earned after June 30, even if related to activities within the specified period, should not be included in this income statement.
4. Include other relevant income: Besides regular revenue, consider other sources of income such as interest earned, dividends received, or gains from the sale of assets within the specified period. Include these items if applicable.
5. Calculate the total income: Sum up all the revenue and other income items included in the income statement to arrive at the total income for the specified period.
By following these steps, you can accurately determine what should and should not be included as income on an income statement covering a specific period.