CORRECTED INCOME STATEMENTS
2011 ($) 2012 ($) 2013 ($) 2014 ($)
Sales revenue 60,000 63,000 65,000 68,000
COGS (39,000) (41,000) (46,000) (46,000)
Gross profit 21,000 22,000 19,000 22,000
Expenses (16,000) (17,000) (17,000) (19,000)
Pretax Income 5,000 5,000 2,000 3,000
Income Tax Expense (30%) (1,500) (1,500) (600) (900)
Net Income 3,500 3,500 1,400 2,100
An income statement is a financial statement detailing a company's income and expenses during a reporting period. Also known as the Income Statement (P&L), it is typically produced quarterly or annually. An income statement shows the financial performance of a company over a period of time.
There are four major degrees. (1) Balance Sheet. (2) Income Statement. (3) Cash Flow Statement. (4) Statement of Shareholders' Equity.
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