Question

what is an income stapement

Answer 1

Income Statement is part of financial statement prepared for reporting a company's financial performance. It is prepared for a stated period of time.

The statement shows the Net income of the company for the year. Net income is arrived on the income statement by entering all revenues (earned) and expenses (incurred) by the company.

It shows the operating income and taxes paid by the company. It helps in performance measurement and analysis of the operations.