An image of two individuals sitting back to back. The individual on the left hand side is experiencing loss and has his head in his hands. The individual on the right hand side is experiencing profit, is working on their laptop and has money flying around them.

What is an Income Statement?

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An Income Statement is the same as a Profit and Loss (P&L) Statement. These financial reports compare a company’s total revenue and total expenses, the difference between the two being either the company’s Net Profit or their Net Loss for the period. Since the Income Statement only compares the revenue and expenses of a company …

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