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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.
Income statement business def. The income statement is one of a company s core financial statements that shows their profit and loss profit and loss statement p l a profit and loss statement p l or income statement or statement of operations is a. A financial document generated monthly and or annually that reports the earnings of a company by stating all relevant revenues or gross income and expenses in order. The income statement also called a profit and loss statement is a report made by company management that shows the revenue expenses and net income or loss for a period. Business income can refer to a company s remaining revenues after paying all expenses and taxes.
Businesses report this figure on the income statement whereas individuals report theirs on the form 1040. Income statement or otherwise called as statement of profit and loss is the summary prepared by the company s management reporting the revenues expenses gains and losses for the particular financial year. It encompasses any income realized as a result of an entity s operations. In this case income is referred to as earnings most forms of income are subject to taxation.
Simply put it portrays the final result of the company s operations over a period. Balance sheet income statement statement of owner s equity and statement of cash flows. The income statement is one of the main four financial statements that are issued by companies. Income is the revenue a business earns from selling its goods and services or the money an individual receives in compensation for his or her labor services or investments.
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