Understand net income: its definition, calculation method, and its critical role in business decisions and tax reporting.

The income statement, or profit and loss statement, reflects a company's revenues and expenses for a period. When a company uses the accrual basis of accounting, it records its revenues when they ...

The income statement shows these unusual items net of taxes. For example, if the corporate tax rate is 20 percent and the losses from flood damage are $10,000, the net loss is $8,000 -- $10,000 x ...

Cash flow statement. As the name implies, this accounting report gives you an overview of your business's cash flow. It breaks down how your business earns cash and what that cash is going toward.

The income statement must be examined to determine these. Finally, cash flow analysis provides a snapshot of available cash at the end of a period but doesn’t offer a comprehensive view of the ...

FASB issues standard on income statement expenses By Michael Cohn November 04, 2024, 11:00 a.m. EST 7 Min Read ...

Accounting FASB proposes income statement disclosure changes By Michael Cohn July 31, 2023, 6:01 p.m. EDT 2 Min Read ...