What is meant by an income statement?
An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period.
What is an income statement for a business?
An income statement (also called a profit-and-loss statement) shows the profitability of a business over a specific period of time. It is one of the fundamental documents that make up a company's financial reporting.
How do you do an income statement?
Related Question what is an income statement?
What is an income statement for dummies?
The income statement summarizes your company's financial transactions for a particular time period, such as a month, quarter, or year. It starts with your revenues and then subtracts the costs of goods sold and any expenses incurred in operating the business.
How do you make an income statement for dummies?