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What is an income statement?

An income statement is a report that shows the results of a company’s operations for a specific period of time.

An income statement can also be called a “profit and loss statement”.

The income statement is generally made up of two major components: income and expenses.  The expenses are deducted from the income and the difference is reported a either the net income (income is higher than expenses) or net loss (expenses are higher than income) for the period being reported.

Filed Under: financial statements

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