Episode 93: Introduction to Financial Statements: The Income Statement, Part 1
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Established to show the bottom line or profitability of a company, the income statement summarizes financial performance over a period of time. Often referred to as the proft and loss statement, the income statement factors out all expenses associated with business operations from any sales revenue taken received from the sale of goods and services.
This video is the first of a two-part series on the income statement. We begin our discussion of the income statement by providing an overview of the financial statement and close with a discussion of gross profit.
