Also referred to as a profit and loss statement. By combining these elements, the income statement illustrates just how much income your company makes or loses during the year by subtracting cost ...

Examples of income recorded on this statement ... Once you have all your information recorded on a personal income statement, you can calculate what's called your net discretionary cash flow.

To help explain things easily, let's consider an apparel manufacturer as an example in outlining the major components of the income statement: Sales. This is the gross revenue generated from the ...