SIE: 7.3.2.5.1. The Income Statement

 7.3.2.5.1. The Income Statement

An income statement is a document that summarizes a company’s sales, expenses, and profits over a given period of time. The income statement starts with sales, also called revenues, which is the total amount of money taken in by the company, then subtracts the company’s various expenses, in a particular order, to arrive at the company’s profits.