what is pay stubs Income statement ?

An income statement shows the profitability of your business. It details how much money your business earned and spent. The income statement is also sometimes referred to as a profit-loss statement or an earnings statement.

Income statement

An income statement shows the profitability of your business. It details how much money your business earned and spent. The income statement is also sometimes referred to as a profit-loss statement or an earnings statement.

It shows your:

  • revenue from selling products or services
  • expenses to generate the revenue and manage your business
  • net income (or profit) that remains after your expenses

Below is an example of an income statement.

To supplement an income statement, a business may also prepare a statement of comprehensive income. This reports revenues and expenses that haven’t yet been realized, such as unrealized gains or losses from:

  • financial investments
  • foreign currency adjustments
  • pension liabilities

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