Income Statement

What is Income Statement?

An income statement is a financial document that shows a company's revenues and expenses during a specific period of time. It provides a summary of the profitability of the business and helps stakeholders understand the financial performance of the company.

What are the types of Income Statement?

There are two main types of income statements: single-step and multi-step. Single-step income statements show only total revenues and total expenses, while multi-step income statements provide more detailed information by separating operating and non-operating revenues and expenses.

How to complete Income Statement

Completing an income statement involves gathering financial data, calculating total revenues, subtracting total expenses, and analyzing the resulting net income. Steps include:

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