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The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting.
Income statement revenue expenses. Revenues are the incomes that the company generates from the sale of goods or services or other activities related to the main operation of the company s business. An income statement is an account given by a company on all the revenue it has produced and all the expenses it had to support over a fixed period of time. It is situated among other financial statements a company has to do and it basically sums up the profit the business gets in the end. 3 elements of income statement.
The income statement comes in two forms multi step and single step. The income statement summarizes a company s revenues and expenses over a period either quarterly or annually.
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