Income Statement Flashcards
1
Q
What is a companies income statement?
A
It provides a companies performance over a period of time
2
Q
What is contained within the income statement?
A
Gross profit, operating expenses, income before taxes and income after taxes
3
Q
How do you find a companies gross profit if it is not provided to you?
A
“total revenue” minus the “total cost of revenues”
4
Q
What does a companies operating expenses show you?
A
Any expense that does not pertain to the cost of producing a good (ex: selling, general and admin.)
