The sales, costs, and profitability of a business are displayed on an income statement over a given time period.
What Is an Income Statement?
- Of the four main financial statements, an income statement is one. Statements of cash flows, shareholder equity, and the balance sheet round out the list of essential financial statements.
- In addition to the profit and loss statement and the statement of earnings, the income statement may also go by these other titles. It's a gauge of how well your business is doing, regardless of name.
- A financial statement can be used for
- Calculate your expected tax liability now.
- Determine which costs to cut
- Keep track of how much it costs to make sales.
- Analyze the business's viability by planning for and predicting future revenues and costs.
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