The Income Statement shows

Question

Quizplus · Accepted Answer

The Income Statement summarizes the company's revenues and expenses over a specific period of time (usually a quarter or a year) and shows the resulting net income or loss. It does not show how much profit the company has earned since it began operations, nor does it reflect the amount of cash on the Balance Sheet. The Income Statement also does not indicate the liquidity of the company, as this information would be found on the Balance Sheet or Cash Flow Statement.

The Income Statement Shows