Income statement examples with answers

Income statements: an overview

Income statements, also called profit and loss or P&L statements, are one of the most important financial statements for tracking your company’s revenue and growth.

Income statement is also known as

Public companies are required to issue an income statement, along with the balance sheet and cash flow statement, every quarter.

• Income statements display your revenue, expenses, and losses over a given period of time.
• They are helpful for determining how successful your business is at turning a profit and managing expenses.

• The best use of an income statement is to compare different ones from different periods of time, to track how your profits, revenues, and expenses are doing over time.

What is an income statement?

An income statement is a financial statement that shows you how profitable your business was over a given reporting period.

It shows your revenue, minus your expenses and losses.

Also sometimes called a “net income statement” or a “statement of earnings,” the income statement is one of the t

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