The Income Statement records a company's revenues and expenses
over a specific period of time. The last item resulting on the
income statement is net income. This depicts how profitable a
company has been over a period.
The main line items in the Income Statement are: Revenue, COGS,
SG&A, Operating Income, Pre-Tax Income, Net Income.
An income statement is a tool which evaluates insight of a
company's performance over a specific period of time. The statement
reports revenue earned and expenses incurred over a specific
period.
An income statement shows overall performance of a company over
a particular period of time by comparing revenue with expenses. It
evaluates how much money business earned or lost during that
period.