What Is an Income Statement?

An income statement (a.k.a. profit-and-loss statement) reports your business’s revenues, expenses, and overall profit or loss for a specific time period.

The income statement is one of the 3 major financial statements businesses need to report on their financial performance. And it can give you valuable information about your profits and the costs associated with earning revenue.

In this video, learn what’s included in an income statement, how it’s structured, how to use it, and why you need it

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