What is Income Statement?

Sep 30, 2007

What is Income Statement?

Income or Profit and Loss (P/L) Statement
For any period of time

Starts with Revenues (Sales)
Less : Cost of Goods Sold
Gross Profit
Less : Operating Expenses
Less : Selling & Administration
Less : Depreciation
Operating Profit
Less : Interest Expense
Profit before Tax
Less : Taxes
Profit After Tax
Less : Dividends
Retained Earnings in Balance Sheet

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Sep 30, 2007