Owner Services Affecting The Profit And Loss Statement

by Tom
(Pittsburgh)

Profit and Loss Income Statement

Profit and Loss Income Statement

Hi, I am the owner of a construction corporation.

Being the primary carpenter on the jobs I do, the money I pay myself in Quikbooks is expensed through as follows;

service performed by subcontractor, then the owner equity account, then the job expense account.

My question though is should this amount reduce the profit and loss statement? Please explain.

Thanks so much, Tom

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Jun 06, 2018
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starstarstarstarstar 		Owner Account on Financial Statement
by: Stephanie

Thank you for your question about whether or not owner's draw would show up on the profit and loss statement.

Typically, if you are self employed the payments that you make to yourself would go to owner's draw equity account and would therefore show up on the balance sheet not the profit and loss statement.
Jun 06, 2018
Rating
starstarstarstarstar 		Owner Account on Financial Statement
by: Stephanie

Thank you for your question about whether or not owner's draw would show up on the profit and loss statement.

Typically, if you are self employed the payments that you make to yourself would go to owner's draw equity account and would therefore show up on the balance sheet not the profit and loss statement.

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