Simple Income Statement
The income statement is one of the three main financial reports used by all businesses, from small to large businesses. While income statements may seem overwhelming at first, they are an essential part of doing business and you will soon come to appreciate the valuable information they provide to your business. When used together, the income statement, balance sheet, and cash flow statement provide a clear picture of your company’s overall financial position and serve as useful tools for analysis, planning, and decision-making.
The simple income statement is a fairly simple document used to present the overall financial performance of the company. Under GAAP, it should be clear and concise and list: Revenue – Expenses – Gains/Losses
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