example of a income statement

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What is an income statement?

An income statement is a financial statement that reports the revenues and expenses of a company over a specific accounting period. It shows whether a company has made a profit or loss during that period.

What does an income statement report show?

Income statement reports show financial performance based on revenues, expenses, and net income. By regularly analyzing your income statements, you can gather key financial insights about your company, such as areas for improvement or projections for future performance.

What are the elements of an income statement?

Accurate records of expenses, revenues, and credits are required for tax purposes and can help keep you in compliance with tax regulations. The elements of an income statement include revenues, gains, gross profit, expenses, losses, and net income or loss. Revenue is all income generated by the sale of the business’ primary goods or services.

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