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It is pretty easy to prepare an income statement.
Income statement accounting 1. The income statement shows the results of a company s operations for a period of time a month a quarter or a year. The amount of income earned over the company s life minus the dividends paid to shareholders over the company s life. I explain the income statement and format of the statement. The income statement is a financial report that tells whether a company had made or lost money in a given time period.
The income statement is one of three statements. An income statement is one of the three along with balance sheet and statement of cash flows major financial statements that reports a company s financial performance over a specific accounting. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities. Income statements show how much profit a.
The income statement also called a profit and loss statement is one of the major financial statements issued by businesses along with the balance sheet and cash flow statement. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. Interest for the period 1 1 2007 to 30 9 2008 shall be capitalised and interest for the period 1 10 2008 to 31 12 2008 shall be charged to income statement. The income statement is the first financial statement typically prepared during the accounting cycle because the net income or loss must be calculated and carried over to the statement of owner s equity before other financial statements can be prepared.
It also allows a business owner or other interested parties to know how much money the business brought in revenues and how much money the business had to pay out expenses.
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