General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet Equity An income statement reports the changes in equity attributable to the operation of the business during Revenues increase equity, and expenses decrease equity. Fashion First Company Income Statement For Month Ended April 30, 2019 $ 22,000 $ GA 22,000 Revenues Services revenue Total revenues Expenses Utilities expense Total expenses Net income 12 2,100 2,100 19,900 $ Net income or loss is transferred from the income statement to the