What Are the Key Elements of an Income Statement? An income statement has four key elements: revenue, expenses, cost of goods sold (COGS), and net income. Revenue: the total revenue or gross ...

account for their resale inventory under cost of goods sold, also known as cost of sales. This refers to the total price paid for the products sold during the income statement's accounting period.

Income, on the other hand, refers to a company's earnings after accounting for all expenses, such as interest and the cost of goods sold (COGS ... income on the income statement.