An Income Statement Compares Quizlet

Income statements show how much profit a business generated during a specific reporting period and the amount of expenses incurred while earning revenue.

An income statement compares quizlet. What is natalie s net income for the month of october. Revenue came to 12 5 billion sales and revenue are also called the top line due their location at the top of the income statement. Natalie s income statement for the month of october is shown. A balance sheet lists assets and liabilities of the organization as of a specific moment in time i e.

A section arranged on the income statement that consists of food and beverage sales and costs that can and should be controlled by the manager on a daily basis operating expenses section usar a section arranged on the income statement also under the control of the manager but more so on a weekly or monthly basis with the exception of wages. All about getting paid. Learn vocabulary terms and more with flashcards games and other study tools. Is a retailer s interest expense an operating expense or a non operating expense.

Llca 6th grade financial peace ch. Start studying income statement. As of a certain date. 100 000 x 12 x 1 12 1 000.

The income statement is useful in determining profitability value for investment purposes and credit worthiness. The income statement must report the interest incurred regardless of the date the interest is paid. The income statement is also useful in predicting information about future cash flows e g the amounts timing and uncertainty of cash flows based on past performance. Cost of goods sold was 8 17 billion.

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