Required: Prepare balance sheet for F. Green as at 31 March 2015 in … View Income Statement and Balance Sheets.pdf from CTED ASL2 at Cagayan State University. Business owners, investors, creditors, and auditors use these documents to analyze and draw out conclusions about the financial health of a business. In this video you will see how to prepare these two statements. Example of Income statement and balance sheet : Balance sheet can be prepared in two format – vertical and horizontal. Next lesson. Operations Statement. Extended Trial Balance Spreadsheet And Income Statement ... Tracking Business Goals Interpreting the Income Statement. We tried to get some great references about Extended Trial Balance Spreadsheet And Income Statement And Balance Sheet Examples for you. The net assets (also called equity, capital, retained earnings, or fund balance) represent the sum of all the annual surpluses or deficits that an organization has accumulated over its entire history. Income Statement vs Balance Sheet | Top 5 Differences ... Balance Sheet and Income Statement | Solved Examples Balance Sheet Income Statement and Balance Sheet Examples | Nav Balance Sheet Balance sheet (Statement of financial position) Other undisclosed inventory, net of allowances, customer advances and progress billings. These statements are the balance sheet, income statement, and statement of cash flows. Balance Sheet vs. Income Statement: What's the Difference ... Balance Sheet Examples It lists only the income and expense accounts, and their balances. Below, we are giving a list of 5+ Nonprofit Balance Sheet Examples & … Income statement and balance sheet problems and solutions. Balance Sheet: A balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These ratios usually measure the company’s ability in utilizing its capital and assets in order to generate sales and profit. A balance sheet gives a snapshot of your financials at a particular moment, incorporating every journal entry since your company launched. Next, you’ll need to calculate your business’s total sales revenue for … Example For Balance Sheet And Income Statement. $496,000 in assets on one side and a total of $496,000 in liabilities and net worth on the other side. If an income statement is prepared before an entity’s year-end or before adjusting entries (discussed in future lessons) it is called an interim income statement. Download. Big Blue Rental Corp.'s preliminary income statement for August, 2009, and its August 31, 2009, preliminary balance sheet did not reflect the following: a. Each income statement spans a full year, in this case, from January 1 to December 31. Balance Sheet. Two balance sheets flank an income statement: an open-ing, or beginning, balance sheet on December 31 of the previous year and a closing, or ending, balance sheet on December 31 of the same year.3 We have a complete set Step 5: Liabilities are also major part. Along with the balance sheet and the cash flow statement, the income statement is one of the three basic financial statements. The pro forma income statement displays the effect of a given year, while the pro forma balance sheet shows the situation at both the beginning of and time after that year. Use this accessible income … A pro forma income statement, along with a pro forma cash flow and a pro forma balance sheet, form the primary financial projections for a business. This means that the balances in the income statement accounts will be combined and the net amount transferred to a balance sheet equity account. This statement format breaks down all costs by category, such as depreciation expenses, income summary interest expenses, tax expenses, and operating expenses. 3 statement models are the foundation on which more advanced financial models are built, such as discounted cash flow ( DCF) models. Basic cash flow statement. The income statement is typically used in combination … The balance sheet is one of the three main financial statements, along with the income statement and cash flow statement. Example balance sheet vs. income statement Use the following example items to compare the differences between financial reporting of the balance sheet versus the income statement: Balance sheet example Natural Food Sources, LLC is a small grocer that stocks its storefront through wholesale and local suppliers. Example Of Balance Sheet And Income Statement Pdf. Example 1: Preparation of Balance Sheet – Horizontal and Vertical Style: The following trial balance is prepared after preparation of income statement for F. Green as at 31 March 2015. (As it is earned, it moves from the balance sheet to the income statement as revenue.) Practice: Interpreting the Balance Sheet. The purpose of an income statement is to identify if the entity in question operated at a profit for the period of time under consideration. Some examples of income statement accounts include net sales, income from operators, interest expenses, and income before taxes. When an owner draws $5,000 from a sole proprietorship or when a corporation declares and pays a $5,000 dividend, the asset Cash decreases by $5,000. items, which will be realized or paid, within one year of the balance sheet date. Typical current assets are cash, prepaid expenses, accounts receivable and inventory. The business will be called “Can U Dig It?” Let’s say your business has $25,000 in total net income, $5,000 in depreciation, and $20,000 in total liabilities. Most people find cash basis … Assets and liability. To see more balance sheet samples, head to FreshBooks. M ort Thanatopolis, a licensed mortician, has decided to open a funeral home specializing in very low cost funerals. Our mission is to provide a free, world-class education to anyone, anywhere. ... Balance sheet and income statement relationship. The balance sheet reports an organization’s assets (what is owned) and liabilities (what is owed). Asset: The income shown in cash flow report is used to manage expenses. On this balance sheet, both the assets side and the liabilities plus shareholders’ equity side balance. One of the key factors for success for those beginning the study of accounting is to understand how the elements of the financial statements relate to each of the financial statements. This ratio analyzes the company’s liquidity … The balance sheet … Therefore, inventory adjustment is a technique that is required to correct and rectify the overall differences so that you might avoid the understatement and overstatement of your income statement. Income Statement Balance Sheet Example. Sample Income Statement. Commercial Real Estate Balance Sheet. Income Statement Leverage Analysis Types Of Accountants And Accounting Professionals What Are The Two Types Of Accounting? The Income Statement is one of the three basic financial statements of the company including the balance sheet and cash flow statement. 21 posts related to Income Statement And Balance Sheet Template Download. We will explain how the items are being arranged in both income statements and balance sheets, and then we will look at a Leveraged leases, net investment in leveraged leases disclosure, investment in leveraged leases. The third important financial statement is the cash flow statement. Solvency ratio example. ASC 842 requires ALL leases to be capitalized on the balance sheet, including all embedded leases. The pro forma balance sheet and the pro forma income statement must be forecasted together, not separately. Content Reading The Balance Sheet What Is An Example Of Financial Statement Analysis? Regardless of the topic, subject or complexity, we can help you write any paper! Comparative Balance Sheet Format. This is different from an income statement which covers a period of time. Doing the example with accounts payable growing. Besides the profit and loss page, you also get a comparative balance sheet, additional ratio, and simple ratio. Theincome that an entity earns over a period of time istranscribed to the equity portion of the balancesheet.. Make corrections and adjustments to income statement and balance sheet. Earnings Statement. How to Write an Income Statement.1. Pick a Reporting Period. The first step in preparing an income statement is to choose the reporting period your report will cover. Businesses ...2. Generate a Trial Balance Report.3. Calculate Your Revenue.4. Determine Cost of Goods Sold.5. Calculate the Gross Margin.More items Khan Academy is a 501(c)(3) nonprofit organization. The blank balance sheet template can be downloaded in a range of formats to suit your preferred software … Complete with balance sheet examples to get you started, this personal balance sheet template is easy to use and customize. The format of the comparative income statement puts together several income statements into a single statement. The Balance Sheet (or Statement of Financial Position) is one of the four financial statements required by the SEC based on the U.S. GAAP (Generally Accepted Accounting Principles). Income Statement. Statement of Stockholders' Equity. The balance sheet is one of the three main financial statements, along with the income statement and cash flow statement. Go to the alternative version. If you are not sure about anything, try to find a similar example of Sample Balance Sheet and Income Statement Excel document on our website and compare it with your version. Under ASC 840, operating leases were off balance sheet, so any embedded leases had an immaterial impact to the income statement since the expense was probably being straight lined anyway. 15. A balance sheet gives a snapshot of your financials at a particular moment, incorporating every journal entry since your company launched. Fair value accounting. Content Reading The Balance Sheet What Is An Example Of Financial Statement Analysis? Details. 03 Nov. Plant, Property, and Equipment (pp&e): It accounts for all the tangible … The balance sheet is one of the four main financial statements of a business: Balance Sheet. This may be referred to as the Statement of Income or the Profit and Loss … A balance sheet, on the other hand, is a snapshot of the business financially at a specific point in time. Prepare balance sheet for f. Lesson 4 exercise 1 lesson 4 the following list of accounts for company jan ltd. Income statement and balance sheet q1 exercises exercises problems 1. Balance sheet and income statement relationship. Lesson 6: Simple Balance Sheet and Income Statement Example. Income statement accounts are also referred to as temporary accounts or nominal accounts because at the end of each accounting year their balances will be closed. Furthermore, such a statement helps in a detailed analysis of the changes in line-wise items of the income statement. Worksheet May 16, 2018. A balance sheet is a financial statement that communicates the so-called “book value” of an organization, as calculated by subtracting all of the company’s liabilities and shareholder equity from its total assets.. A balance sheet offers internal and external analysts a snapshot of how a company is currently performing, how it … Your business’s solvency ratio is 1.5:1, or 150%. Read more about how to build assets. XLSx. A 3 statement model links the income statement, balance sheet, and cash flow statement into one dynamically connected financial model. What Is a Balance Sheet? 1. Up Next. Each income statement spans a full year, in this case, from January 1 to December 31. Here’s an example of an income statement from a fictional company for the year that ended on September 28, 2019. It was coming from reputable online resource and that we like it. The cash flow statement shows how well a company manages cash to fund operations and any expansion efforts. Two balance sheets flank an income statement: an open-ing, or beginning, balance sheet on December 31 of the previous year and a closing, or ending, balance sheet on December 31 of the same year.3 We have a complete set An income statement, also known as a profit and loss statement, shows revenue and expense over a period of one year. The 4 Basic Financial Statements Every Restaurateur Needs to Know: P&L — The profit and loss statement is also called: Income Statement. There can be several different formats for preparing the Balance Sheet. Balance sheet or statement of financial position has 4 assertions. Exercises lesson 4 income statement. Doing the example with accounts payable growing. Using the assets, a company can generate the production capacity and run the business. Cash Flow Statement. Determine equity and make more informed business decisions. Current Assets / Current Liabilities. Business Budget Template ▶ Contains two worksheets for creating a yearly business budget … These statements are the balance sheet, income statement, and statement of cash flows. The balance sheet and income statement are two of the most important financial statements every business tracks. The follow are explanations of the four major financial statements. Prepaid expenses include advance payments for goods or services a company will use in the future. There are several differences between the balance sheet and income statement, which are outlined in the following points: Timing. The balance sheet reveals the status of an organization's financial situation as of a specific point in time, while an income statement reveals the results of the firm for a period of time. Is an Income Statement Part of a Balance Sheet? The format of the comparative income statement puts together several income statements into a single statement. Revenue Statement. For cash flow used to calculate the … Calculate Your Revenue. Balance Sheet and Liabilities (A&L) Statement. Comparative Balance Sheet Format. Income Statement And Balance Sheet Template Download. Depreciation machinery by 10. With all of the reports about the successes and failures of IPOs in 2012, there may be renewed interest in deciphering financial reports. 10. Practice: Interpreting the Income Statement. One should choose a format with careful consideration, as different formats serve slightly different purposes and are meant for different interest groups. A Balance Sheet shows the financial health of any organisation on a given date. The income statement lists the business' net and comprehensive earnings from all sources. Figure 1.7 Income Statement Schedules for Custom Furniture Company. Size: 75 … The income statement is prepared using the revenue and expense accounts from the trial balance. 1998, 1999, and 2000. Our mission is to provide a free, world-class education to anyone, anywhere. Solvency Ratio = ($25,000 + $5,000) / $20,000. The reason for taking the time to find such an appropriate balance Given that income statement and balance sheet fraud are associated with different incentives and that the proportion of income statement and balance sheet fraud varies considerably through time, it is possible that fraud studies sampling from different time periods produce inconsistent results becthe ause samples are significantly different. Cash Flow Statement. Balance Sheet: A balance sheet is a financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. Income Statement. Michael Sack Elmaleh, C.P.A., C.V.A. The P&L feeds both these statements. The balance sheet reports a company's assets, liabilities, and stockholders' equity as of a moment in time. A proper understanding of these financial statements helps investors to know the profitability and financial soundness of the company. Balance Sheet — The balance sheet is also called: Statement of Financial Position. Home Decorating Style 2021 for Income Statement And Balance Sheet Examples Pdf, you can see Income Statement And Balance Sheet Examples Pdf and more pictures for Home Interior Designing 2021 122194 at Resume Example Ideas. Cash Flow Statement. Assets: Assets mean resources owned by a company and which has future economic value. Interpreting the Income Statement. Income statement and balance sheet is the final output of financial accounting. Use this example income statement template as a guide to help you create an in-depth financial statement. The balance sheet reports a company's assets, liabilities, and stockholders' equity as of a moment in time. For example, when you compare last year’s balance sheet to this year’s report, you can gain additional perspective into the growth or decline of your business. 2. Interpreting the Income Statement. Example Format of Balance sheet: Balance sheet has two major elements. The balance sheet report shows the company’s financial position at a certain point in time, while the income statement reports the period’s profit.. From a regulatory standpoint, a balance sheet and an income statement must be produced at the end of the accounting year. Examples: rent, advertising. This sample income statement from Accounting Coach shows the different figures used to calculate net income, the layout of the report and how it differs from a balance sheet:. web.stanford.edu. Summarize all the liabilities: The Liabilities section in the church balance sheet need to be updated with the summary figures in the second column. These topics will show you the connection between financial statements and offer a sample balance sheet and income statement for small business. Check out this awesome Free Essays On Accounting – Income Statement And Balance Sheet for writing techniques and actionable ideas. 10 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet . The shareholders’ equity is $364,000. When an owner draws $5,000 from a sole proprietorship or when a corporation declares and pays a $5,000 dividend, the asset Cash decreases by $5,000. Let me explain all the balance sheet assertions through an example: Balance sheet assertions are 4 viz Existence, Completeness, Valuation & Allocation and Rights & Obligations. Extended Trial Balance Spreadsheet And Income Statement And Balance Sheet Examples. It's free to sign up and bid on jobs. Interpreting the Income Statement. The basic format for an income statement states revenues first, followed by expenses. The expenses are subtracted from the revenue to calculate the net income of the business. The Balance Sheet vs Income Statement and Statement of Changes in Equity. One of the key factors for success for those beginning the study of accounting is to understand how the elements of the financial statements relate to each of the financial statements. You can also use income statements and balance sheets to evaluate your company’s financial success over time. An income statement or profit and loss statement is an essential financial statement where the key value reported is known as Net Income.The statement summarizes a company's revenues and business expenses to provide the big picture of the financial performance of a company over time. 10 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet . The income statement records the company's profitability for the same period as the balance sheet. The balance sheet and income statement are both part of a suite of financial statements that tell the story of a business’s history. Donate or volunteer today! Generally, we use vertical format. Between these two forms, the sheet must balance out. For cash flow used to calculate the … 15. Statement of Stockholders' Equity. They should also be included with in the financial of a business plan . Most people find cash basis … In the asset side of balance sheet, the current market value all assets purchases by an individual is recorded. The income statement and balance sheet ofa company are linked through the net income for a period andthe subsequent increase, or decrease, in equity that results. a From the company’s balance sheet at April 30 (April 30 ending balance is the same as May 1 beginning balance).. b From the company’s balance sheet at May 31.. c This is actual manufacturing overhead for the period and includes indirect materials, indirect labor, factory rent, factory utilities, and other … 1998, 1999, and 2000. This is the currently selected item. There can be two type of expenses: (1) Assets Purchase, & (2) Liabilities Purchase. Personal balance sheet example. The Common Size income statement is a four-section template that you can rely on for an accurate financial analysis. A personal balance sheet is a financial statement that shows how financially healthy a person is. by Kei (Charleston, South Carolina) Q: The three primary financial statements that we have seen so far are the Balance Sheet, Statement of Owner’s Equity, and the Income Statement. Think of it this way. Here it is. Income Statement and Balance Sheet Overview. Khan Academy is a 501(c)(3) nonprofit organization. The balance sheet is one of the four main financial statements of a business: Balance Sheet. Below is an example of what a completed balance sheet may look like: Income statement basics. PDF. Doing the example with accounts payable growing. According to the SEC, the Statement of Financial Position presents “detailed information about a company’s assets, liabilities and shareholders’ equity.”. Balance Sheet, Owner's Equity Statement and Income Statement: Temporary vs Permanent Accounts. The Income Statement can be run at any time during the … You can also use the financial statement templates for making the balance sheet because it will be able to bring the positive aspect to the sheet. Non-Current Assets. Now let’s see what it looks like when we put it all together: *Fun fact: Notice we put the assets on one side, the liabilities on the other side along with the net worth and the values “balance”. PREPARE AN INCOME STATEMENT & A BALANCE SHEET IDENTIFY WHERE THERE IS A … Current Ratio. Prepaid expenses include advance payments for goods or services a company will use in the future. Share Capital Share Capital Share capital (shareholders' capital, equity … The cash flow statement shows how well a company manages cash to fund operations and any expansion efforts. This page contains an example of a simple balance sheet and income statement. was the income and what were the expenses over that time? Capital leases, lessor balance sheet, net investment in direct financing and sales type leases. Income Statement Leverage Analysis Types Of Accountants And Accounting Professionals What Are The Two Types Of Accounting? Plug in your totals to the solvency ratio formula from above. Income statement ratios are the ratios that analyze the company’s performance in the market during a period of time. ... for a balance sheet sample related to the construction agency. Big Blue Rental Corp. provides rental agent services to apartment building owners. This income statement shows that the company brought in a total of $4.358 billion through sales, and it cost approximately $2.738 billion to achieve those sales, for a gross profit of $1.619 billion. Balance Sheet … File Format. Search for jobs related to Income statement and balance sheet examples pdf or hire on the world's largest freelancing marketplace with 20m+ jobs. Chart of Accounts, Income Statement, and Balance Sheet. Income statement and balance sheet is the final output of financial accounting. In this video you will see how to prepare these two statements. preparing a cash flow analysis, an income statement, a balance sheet, a mission statement and a business plan a great deal easier and less time consuming. If Sample Balance Sheet and Income Statement Excel document is finished in all details, you will make a good impression on anyone reading it. View Income Statement and Balance Sheets.pdf from CTED ASL2 at Cagayan State University. Size: 11 kB. Up Next. Startup Balance Sheet vs Profit and Loss Statement . An income statement, also known as a profit and loss statement, shows how profitable your business was over the course of a specific accounting period. PREPARE AN INCOME STATEMENT & A BALANCE SHEET IDENTIFY WHERE THERE IS A … Income Statement: One of the most important reports for a company is their Income Statement. Furthermore, such a statement helps in a detailed analysis of the changes in line-wise items of the income statement. The balance sheet, together with the income statement and the statement of changes in equity, forms part of the financial statements of a business.. And just like these previous two statements (income statement and statement of changes in equity), the balance sheet is usually drawn up annually. Also sometimes called a “net income statement” or a “statement of earnings”, the income statement is one of the three most important financial statements in financial accounting, along with the balance sheet and the cash flow statement (or statement of cash flows). Shareholders’ Equity. A chart of accounts is a master list of all of the account names that a company has identified for recording their financial transactions in their general ledger. (As it is earned, it moves from the balance sheet to the income statement as revenue.) Also known as a statement of financial position, or a statement of net worth, the balance sheet is one of the four important financial statements every business needs. Donate or volunteer today! A sample balance sheet Difference between Income Statement and Balance Sheet If you are the owner of a small business, or a financial manager in a company, it is Balance Sheet Example balance. Income Statement An income statement is a type of summary flow report that … A profit and loss statement (sometimes called an income statement) shows the sales and profit activity in a business over time. The basic formula for the balance sheet is Assets less liabilities equals equity. by admin December 19, 2021 No Comments. ... Balance sheet and income statement relationship. Therefore, its correct and accurate structure, execution and understanding is critical to help small and independent hotels keep a tighter rein on cost control. The Income Statement, or Profit and Loss Report, is the easiest to understand. For instance, Johnson & Johnson's comprehensive income statement includes income from securities, derivatives, hedges and employee benefit plans. Performance Statement. Empower your business finances with a balance sheet template that shows year-to-year comparisons, increases or decreases in net worth, assets and liabilities, and more. The Income Statement totals the debits and credits to determine Net Income Before Taxes. Correspondingly, how the balance sheet and income statement are related? A sample balance sheet Difference between Income Statement and Balance Sheet If you are the owner of a small business, or a financial manager in a company, it is Balance Sheet Example balance. Basic format for an income statement Leverage Analysis Types of Accountants and Accounting Professionals What the! Decided to open a funeral home specializing in very low cost funerals reports a company 's assets, company... And run the business financially at a particular moment, incorporating every journal entry your! Several different formats for preparing the balance sheet < /a > 03 Nov, world-class education to anyone,.... Direct financing and sales type leases in preparing an income statement is a snapshot of your financials at a point. On the balance sheet and income before taxes or 150 % or 150 % $! Is 1.5:1, or 150 % statement puts together several income statements into single!, accounts receivable and inventory to anyone, anywhere istranscribed to the equity portion of the topic, subject complexity. 501 ( c ) ( 3 ) nonprofit organization company launched is a 501 ( c ) ( 3 nonprofit... Small business and profit activity in a business over time disclosure, in. These topics will show you the connection between financial statements from January 1 December! In order to generate sales and profit 150 % of these financial statements that an earns! C ) ( 3 ) nonprofit organization your company ’ s financial success over time a of! All leases to be capitalized on the other hand, is a balance sheet and statement... Sheets to evaluate your company launched can be several different formats for preparing the balance sheet example < >. > Figure 1.7 income statement advanced financial models are built, such discounted. ) models explanations of the comparative income statement accounts include net sales, income from securities derivatives., how the balance sheet and the liabilities plus shareholders ’ equity side balance this balance sheet /a. Doing the example with accounts payable growing owned by a company and which has future economic value also use statements... A href= '' https: //www.accounting-basics-for-students.com/balance-sheet-example.html '' > balance sheet and liabilities ( &! Point in time What is an income statement and balance sheet has two major.. 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Sample balance sheet and income statement spans a full year, in this case from. Future economic value 's comprehensive income statement Part of a business plan preparing an income statement for... That you can rely on for an income statement, or 150 % —! Of balance sheet to be capitalized on the other hand, is the easiest to understand cost funerals different groups... Additional ratio, and balance sheet gives a snapshot of your financials at a particular moment, incorporating every entry!, income from securities, derivatives, hedges income statement and balance sheet examples employee benefit plans and sheet... Leases to be capitalized on the balance sheet and income before taxes 1999, stockholders. And customize a particular moment, incorporating every journal entry since your company launched Custom company. Figure 1.7 income statement ) shows the sales and profit 21 posts related to income statement also... Serve slightly different purposes and are meant for different interest groups explanations of the financially. Shown in cash flow statement, and income statement is a balance template! Amount transferred to a balance sheet December 31 to determine net income of the comparative statement...: //www.accountingcoach.com/bookkeeping/explanation/11 '' > balance sheet and liabilities ( a & L ) statement sheet vs and! Is one of the three basic financial statements helps investors to know profitability! Of $ 496,000 in liabilities and net worth on the balance sheet and income and! Comprehensive income statement Leverage Analysis Types of Accounting video you will see how to prepare these two.... Interest expenses, and simple ratio assets purchases by an individual is recorded comparative income statement small... 'S assets, liabilities, and 2000 easiest to understand sheets to evaluate your ’... Step in preparing an income statement is to provide a free, world-class education anyone! Since your company launched business over time statement puts together several income statements into a single statement different... Differ? < /a > 1998, 1999, and income statement relationship balances in following. Balance example < /a > Figure 1.7 income statement and balance sheet example < /a > XLSx, incorporating journal... Assets in order to generate sales and profit activity in a business over time and financial soundness the! To evaluate your company launched Professionals What are the foundation on which more advanced financial models are the two of... Plus shareholders ’ equity side balance use income statements and offer a sample balance sheet reports a company which... Profitability and financial soundness of the comparative income statement company is their income statement and balance sheet examples. Profitability and financial soundness of the four major financial statements and offer a sample sheet... For you, or 150 %, from January 1 to December 31 khan Academy is a four-section template you... Embedded leases references about Extended Trial balance Spreadsheet and income before taxes there can be two type expenses... //Www.Fool.Com/The-Blueprint/Balance-Sheet-Vs-Income-Statement/ '' > understand income statement totals the debits and credits to determine net income of the comparative statement. Of financial Position or 150 % lists the business the Gross Margin.More items the format! Accounts will be combined and the cash flow statement they should also be included with in the points... Rental agent services to apartment building owners statement which covers a period of one year is from. $ 25,000 + $ 5,000 ) / $ 20,000 accounts will be combined and the flow. Expenses are subtracted from the revenue to calculate the Gross Margin.More items the basic format for an income,!
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