Series 66: 1.1.1 The Income Statement

Taken from our Series 66 Online Guide

1.1.1 The Income Statement

An income statement is a document that summarizes a company’s sales, expenses, and profits over a given period of time. The income statement starts with sales, also called revenues, which is the total amount of money taken in by the company. It then subtracts the company’s various expenses, in a particular order, to arrive at the company’s profits.

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