All of the following are reported in the income statement, with the exception of Assets owned by a business which is a balance sheet item not included in income statement.
A financial report describing a company's income and expenses over a reporting period is called an income statement. It is usually prepared quarterly or annually and is also known as a profit and loss (P&L) statement. An organization's financial performance over a reporting period is shown in income statements.
The following details are commonly found on an income statement:
Revenue: The amount of money received by a company during a reporting period
Costs : Incurred by a company during a reporting period.
Costs of goods sold (COGS): The total expenses for the parts that make up any good or service that a business produces and sells.
Revenue less the cost of items sold is known as gross profit.
gross profit less operating expenses equals operating income.
Operating income less non-operating costs equals income before taxes.
Net income: Earnings before to taxation
Net income divided by the total number of outstanding shares is known as earnings per share (EPS).
Depreciation: The gradual loss of value in assets over time, including stock, machinery, and property
Earnings before interest, taxes, depreciation, and amortization, or EBITDA
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