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    In layman’s terms, what is the income statement? We will look at the various components of the income statement: revenues, cost of goods sold, expenses and net income. Income statements are helpful, because they will give you some history of the business in order to budget for future operati
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    look at the various components of the income statement: revenues, cost of goods sold, expenses and net income. Income statements are helpful, because they will give you some history of the business in order to budget for future operat
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    enues, cost of goods sold, expenses and net income. Income statements are helpful, because they will give you some history of the business in order to budget for future operat
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    statements are helpful, because they will give you some history of the business in order to budget for future operat
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    story of the business in order to budget for future operations and assess risk of future cash flows. An income statement is also known as a profit-and-loss statement.

    The nature of the income statement is that it is a reflection of operations over a period of time, i.e., “for the month

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