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Income Statement (IS)

Income Statement (IS)

What is the Income Statement?

To properly track the finances for a business, it's important to understand the three common financial statements - the Balance Sheet, the Statement of Cash Flows, and the Income Statement. These financial statements relate to each other and can help investors paint a holistic financial picture of their profitability.

The Income Statement is used to gauge what the net income of a business looks like. It includes information about a business' revenue and expenses and can tell reviewers if the business is profitable.

\[ Net \, Income = Revenue + Realized \, Gains - Expenses - Losses \]

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