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Financial Accounting

EH&S Consulting
Income statement for the year ended 31st October 2013

($)    Dr.
($)  Cr.

Consultancy revenue

Note 6

Cost of services

Note 3

Gross profit


Photocopying income

Note 4

Cost ($)

Rent expense

Security deposit

Rent deposit

Office supplies

Telephone and internet expense (Sept & Oct)

Insurance expense

Reimbursable expense

Note 1



Bookkeeping services

Stamps and mailings

Professional fees

Office expenses



Note 2

Bank charges

Bad debt expenses

Note 5

Total expenses

Net income

The company records its financial statements on an accrual basis. This is because the firm neither receives cash for all incomes earned nor does it pay expenses in cash form. The accrual basis records incomes once they are earned even when the company does not receive cash (Lambert, 2011). Expenses are also recognized once they are incurred even when the costs are not settled immediately. The organization, therefore, records transactions by following the rules of Generally Accepted Accounting Principles. The expenses that are not explained using notes are those that are recorded in the income statement directly. Costs explained using notes are those that are adjusted before being recorded on the account.
 Note 1
Reimbursable costs are expenses to the company; therefore, the amounts for September and October are added to get the total.
Note 2
The company paid for the photocopying charges, although the costs should be paid by debtors; therefore, the amount incurred by the firm is recorded as an expense.
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