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It also shows whether a company is making profit or loss for a given period.
The income statement shows. The income statement is one of the main four financial statements that are issued by companies. The income statement can either be prepared in report format or account format. An income statement is a financial statement that shows you the company s income and expenditures. 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.
An income statement is one of the three major financial statements that reports a company s financial performance over a specific accounting period. Balance sheet income statement statement of owner s equity and statement. The income statement along with balance sheet and cash flow statement helps you understand the financial health of your business. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time.
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