Holicent
VIP Contributor
An income statement is a financial report that shows a company's revenues, costs, and profits over a specific period of time. An income statement also shows how much money a company made or lost during the period.
The income statement is one of three key financial statements that every business must produce. Others are the cash flow statement and balance sheet. Together, they help investors determine whether a company has enough reserves to meet its financial obligations during the year and which assets are being depreciated or amortized.
The income statement shows how much money was earned by an organization over a specific period for each accounting period. It also shows what expenses were incurred by the company during the accounting period, and how much profit was generated through those expenses. An income statement can be prepared by a corporation or individual. It's used by investors and lenders in determining whether businesses are profitable or not.
The income statement is one of three key financial statements that every business must produce. Others are the cash flow statement and balance sheet. Together, they help investors determine whether a company has enough reserves to meet its financial obligations during the year and which assets are being depreciated or amortized.
The income statement shows how much money was earned by an organization over a specific period for each accounting period. It also shows what expenses were incurred by the company during the accounting period, and how much profit was generated through those expenses. An income statement can be prepared by a corporation or individual. It's used by investors and lenders in determining whether businesses are profitable or not.