Income Statement
An income statement, also known as a profit and loss statement (P&L), is a financial report that shows a company's revenues and expenses over a specific period, resulting in net income or loss. It is used to gauge profitability after accounting for costs under U.S. accounting rules.
Example: In its quarterly filing, the company reports revenue of $1.2 billion, cost of goods sold of $700 million, operating expenses of $350 million, and net income of $60 million for the quarter.
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