An income statement is one of the three major financial statements that businesses issue. Learn how it is used to track revenue, expenses, gains, and losses.

Investors can learn about things like a company’s interest obligations, product costs and revenues, overhead expenses, and profitability from an income statement. Income statements can also help ...

After interest is considered, taxes are calculated on taxable income and deducted to arrive at net income. A company does not provide its actual percentage rate of taxation on the income statement.

So, an income statement for the prior year would show the interest income as one line item. The balance sheet, on the other hand, only shows the company's assets and liabilities at a specific ...

An income statement presents the results of a company’s operations for a given period—a quarter, a year, etc. The income statement presents a summary of the revenues, gains, expenses, losses ...