The income statement details the earning generated by the company after all the expenses have been paid out of the revenues. Items on an income statement include: sales, cost of sales, operating expenses, non-operating expenses, income tax, and net earnings The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported...
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The statement breaks down changes affecting the account, such as profits or losses from operations, dividends paid, and any other items charged or credited to retained earnings. The purpose of the statement of retained earnings is to reconcile the retained number in the balance sheet with the net income figure from the income statement...