Chapter 1 homework accounting mcgraw hill connect
How to calculate an income statement?
How does a business say how much money it made? Which financial statement shows that? The Income Statement is the financial statement that shows how much money a company made. Financial statements, which are also called “financial reports,” are official records of how a business, person, or other entity spends and makes money. Relevant financial information is laid out in a way that is easy to understand and has a clear structure. For big companies, these statements may be hard to understand and include a long list of footnotes to the financial statements and management discussion and analysis. The notes to financial statements are an important part of the financial statements as a whole.