Episode 94: Introduction to Financial Statements: The Income Statement, Part 2
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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 second of a two-part series on the income statement. We begin by discussing operating expenses, which include selling and administrative expenses, and end with a discussion of retained earnings.
