What is an Income Statement?
Income statement or P/L statement is a financial statement that summarizes the revenue, expenses and the profit/loss generated by a business over a period of time. For example, you can write an income statement for a period from 01.04.2022 to 31.03.2023 or from 01.01.2022 to 31.03.2022. Generally, an income statement is prepared for an accounting period
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Cracking the code of the Income Statement
It consists of three main categories:
- Sales or revenue during a given time period. It includes sales (revenue) and Earnings-per-share (EPS)
- Costs and expenses: “Above the line” are the cost of goods sold (COGS), cost of services (COS). “Below t...
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