The income statement primarily shows whether a business made a profit from selling goods or providing services after subtracting the costs of doing business.
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The income statement, also known as the profit and loss statement, is a financial statement that shows a business's revenues, expenses, and net income (or loss) over a specific accounting period. Its primary purpose is to show whether a business's operations are profitable or not by subtracting its expenses from its revenues.

The Income Statement Primarily Shows Whether a Business Made a Profit