An income statement tracks the amount of money you have coming in and going out over some period of time,such as a month or a year.

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An income statement, also known as a profit and loss statement, summarizes a company's revenue and expenses over a specific period of time, typically a month, quarter, or year. It shows the amount of money coming in from sales or other sources and the amount of money going out for expenses such as salaries, rent, and supplies.

An Income Statement Tracks the Amount of Money You Have