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Income Statements


An income statement, often referred to as the profit and loss statement, keeps track of a company's revenues and expenses. It reveals critical information about the operations and the profitability of a business.


An income statement allows you to...

  • Reports a business' performance with the bottom line so you know how your business is doing
  • Identify specific expenses that are over or under budgeted expenses so that you can make changes and control expenditures
  • Use the financial information to calculate and project cash flows, whether to buy more equipment or expand your business
  • Based on the income statement, you can make more informed business decisions for your business
  • Determine what your tax liability would be and according you can do tax planning to reduce your tax.