Income statement is a financial document which shows income and expenses of an organization over a given period of time e.g. six months, one year etc. It is also known as profit and loss statement. The purpose of income statement is to know whether or not the business achieved or failed to achieve its primary goal of earning profit. Income statement is calculated by subtracting the cost of goods and expenses from the revenues to know whether the company achieved profit or a loss in a given period. Following is the income statement of Kramer Trading Company. In order to see the trail balance, please click here.
Kramer Trading Company
For the Month Ended 31 January 2010
To see The Balance Sheet of above income statement please click here.