Where will Wayne Enterprises report its service revenue and operating expenses for the period?
Income Statement
Explanation
Wayne Enterprises will report its service revenue and operating expenses on the income statement for the period. The income statement is a financial statement that summarizes the revenues, expenses, and net income or loss of a company during a specific period.
The income statement, also known as the statement of operations or profit and loss statement, is one of the primary financial statements used by companies to report their financial performance. It shows the company's revenues, expenses, and resulting net income.
In the case of Wayne Enterprises, its service revenue of $570,400 and operating expenses of $330,600 will be included in the income statement. The service revenue represents the amount earned by the company from providing services to its customers, while the operating expenses represent the costs incurred in running the business operations, such as salaries, rent, utilities, and other day-to-day expenses.
By reporting these figures on the income statement, Wayne Enterprises will provide stakeholders with information about its financial performance and profitability for the period. This statement helps assess the company's ability to generate revenue, control costs, and ultimately determine its net income or loss.