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An income sheet or statement or profit and loss account is one of a company's financial statements and shows the revenues and expenses of the company during a specific period. It shows how revenues are transformed into net income or net profit. The purpose of the income statement is to show managers and investors whether, during the period being reported, the company made money (profit) or lost money (loss).
An income statement reflects a period of time (as does the cash flow statement). It compares with the balance sheet, which constitutes a single moment in time. An income statement is not generated by charitable organizations that are required to publish financial statements. Instead, a similar statement is produced that reflects sources of funding compared to program expenses, administrative costs, and other operating commitments. This statement is commonly referred to as the statement of activities. Two methods can be used to prepare an income statement. In order to find the bottom line, the Single Step income statement totals revenues and subtracts expenses. In order to find the bottom line, the Multi-Step income statement takes several steps: beginning with the gross profit, then calculating operating expenses. Then, when deducted from the gross profit, the operations yield revenue. The difference in other revenues and other expenses is added to revenue from operations. The final step is to deduct taxes which, for the duration assessed, eventually generate the net income.
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