Jay Patel

Acme Inc.

Income statement

Year ended as of december 31, 2019

Revenue
Commisions Earned $ 217,758.00
Fees Earned $ 123,500.00
Total Revenue $ 341,258.00

Expenses
Car Expense 5,190.00
General Expense 57,420.00
Mortage Expense 75,000.00
loan Expense 10,000.00
Wages Expense 41,650.00
189,260.00
Net Income $ 151,998.00

Task 3. Explain, with the net income / loss obtained how this figure
would affect the capital account of the company.

Answer: the net income obtained would raise the capital account of the
company.over the fiscal period, the company gained more revenue
then there expenses thus obtaing a net income of 151,998.00