The purpose of an income statement is to summarize the results of operations during an accounting period

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The income statement, also known as the statement of earnings or profit and loss statement, is a financial report that presents the revenues and expenses of a company over a specific period of time, typically a quarter or a year. The purpose of this statement is to provide investors and stakeholders with a snapshot of the company's profitability and financial performance for the period covered, as well as to help with decision-making and forecasting future results.

The Purpose of an Income Statement Is to Summarize the Results