The Income Statement shows:

Question

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The Income Statement provides a summary of the financial performance of a company over a period of time (usually a month, quarter, or year). It includes all revenues earned and expenses incurred during that period, resulting in the calculation of net income or net loss. It does not show how much profit the company has earned since it began operations (as this requires a cumulative earnings calculation), nor does it provide information on the company's liquidity on an annual basis. The Balance Sheet is what shows the amount of cash and other assets and liabilities at a specific point in time.

The Income Statement Shows