Intro to Business › Section N · Financial information and accounting › Topic N.4
The income statement
Did the business make money, and where did the money go? The income statement answers both questions for a period of time, layer by layer, from the top line of sales to the bottom line of net income.
In this topic
- A film of the period
- From gross sales to net sales
- Cost of goods sold
- Gross profit and operating expenses
- Down to the bottom line
- Worked example: Kestrel's top half
- Worked example: Kestrel's bottom half
- Two layouts, one answer
- Profit is not cash
- Common mistakes to avoid
- Key takeaways
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