Condensed Income Statement Is Also Known As

The income statement reports a corporation s net income for the period of time indicated in its heading.

Condensed income statement is also known as. A typical format for a condensed income statement is. A summary form of a company s earnings statement balance sheet and cash flow statement condensed to one page each. The income statement also known as the profit and loss p l statement provides a snapshot of the financial performance of a company during a specified period of time. The multi step income statement is also known as.

It is one of a company s main financial statements. It reports a firm s gross income expenses net income and the income that is available for distribution to its preferred and common shareholders. Net sales operating profit earnings before provision for income taxes net earnings. What is a condensed income statement.

Typically this means that all revenue line items are aggregated into a single line item while the cost of goods sold appears as one line item and all operating expenses appear in another line item. An income statement or profit and loss account also referred to as a profit and loss statement p l statement of profit or loss revenue statement statement of financial performance earnings statement statement of earnings operating statement or statement of operations is one of the financial statements of a company and shows the company s revenues and expenses during a particular period. This overview of income and expenses from the daily operation of the business is commonly referred to as realized income or traditional income. The purpose of the income statement is to report a summary of a company s revenues expenses gains losses and the resulting net income that occurred during a year.

Consolidated financial statements combination the financial position of a father or mother company and its subsidiaries. The income statement is also known as the statement of operations profit and loss statement and statement of earnings. A condensed income statement reduces much of the normal income statement detail to just a few lines. This is done for reprinting and simplified viewing.

The income statement is. The income statement is also known as the statement of income statement of earnings statement of operations profit and loss statement or p l the following is a condensed version of an income statement for a regular corporation that sells products. Statement of retained earnings consolidated statement of earnings statement of subtotals consolidated statement of financial position.