The report does show income and expenses. However, it's adding all of them together rather than subtracting expenses from income. That's what I meant by "doing the math". I'd like to see the NET income for specific (filtered by "Memo") transactions.

I started with a Statement of Activity report which shows a net income, but could not filter it on Memo. The first suggested solution to my original question was to use the Transaction Detail by Account report so I could filter by Memo. But, this does not calculate a net income. 

Hope this explains it better.