Income Statement
An income statement is a financial statement that reports a company's revenues and expenses over a specific period of time, usually a quarter or a year. It shows the company's profitability during that time by subtracting expenses from revenues to arrive at a net income or loss. The income statement is also known as a profit and loss statement or P&L statement. It is an important tool for investors, creditors, and analysts to evaluate a company's financial performance and make informed decisions. The income statement includes revenue from sales, cost of goods sold, gross profit, operating expenses, operating income, interest expense, taxes, and net income.
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