This is the most simplified version of an income statement that would be used by most service providers and others that do not have a cost of goods sold for the services they use to create a profit.

The simplified statement shows expenses in a single line for net income, rather than breaking up the results by gross profit and operating profit. This approach makes the record-keeping task much ...

EBIT can be calculated in two ways: For example, in the simplified income statement below, taxes are not listed as an expense. Therefore, the easiest way to determine EBIT would be to take the ...