Adding Unique Items to the Income Statement Report

The Balance Sheet, as well as many other components of a corporation's Financial Statements, is generated once every period. The figures presented in the Balance Sheet are the actual balances for the statement creation date, while the figures presented in the Income Statement and Cash Flow reports are the accumulated summarized balance figures for the report period.

There are two items that are unique to the Income Statement report compared to the Balance Sheet report:

4 The year number of the report's year end.

4 The retained earnings.

In this section, you will learn how to add these two items to worksheet 41 — Income Statement.

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