An income statement is a statement that compares revenues to expenses and presents the net income (or loss) from a period of time. It summarizes the company's financial performance over a specific period, showing how much money was made (revenues) and how much was spent (expenses), ultimately revealing the profit or loss generated during that timeframe.
What is an income statement?
A statement of sales over time compared to COGS at any point of time
A list of all income
A statement that compares assets to liabilities
A statement that compares revenues to expenses and presents the net income (or loss) from a period of time
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