The income statement for Jim blossom has Net income of :$41,493.
What is income statement?
Income statement can be defined as the statement that shows the income and expenditure generated by a company in which net income means that revenue is higher than expenditure while net loss means that expenditure is higher than revenue.
Income statement can be calculated using this formula
Income statement= Revenue - Expenses
Now let calculate the income statement for Jim blossom:
Income statement for the year ended 31 December 2024
Revenue:
Service revenue $156,998
Expenses:
Insurance expenses $3,869
Interest expenses $1,029
Operating expenses $3,373
Salary expenses $89,330
Supplies expenses $20,904
Total expenses $118,505
Net income $41,493
( $156,998-$118,505)
Therefore the income statement for Jim blossom has Net income of $41,493.
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