What goes on an income statement?

[alenaghose]

I'm trying to better understand financial statements and was wondering—what exactly goes on an income statement? I know it's used to show a company's profitability, but I'm not sure what specific items are typically included. Any explanations or examples would be really helpful. Thanks in advance!

 

[jainnorton]

An income statement includes revenues, cost of goods sold (COGS), gross profit, operating expenses, and net income. It shows a company’s financial performance over a specific period, highlighting profitability, expenses, and earnings before and after taxes.

 

[danisjohn]

An income statement includes revenues, expenses, gains, and losses. It shows net income or net loss over a specific period. Key components are sales revenue, cost of goods sold, gross profit, operating expenses, operating income, interest, taxes, and net earnings. It reflects business profitability.

 

[Jarwish]

An income statement shows a company’s performance, including revenue, COGS, gross profit, operating expenses, operating income, other income/expenses, interest, taxes, and ends with net income, reflecting profit or loss over a period.

 

[ankita]

An income statement shows a company’s financial performance over a period. It includes revenue, cost of goods sold (COGS), gross profit, operating expenses, operating income, other income/expenses, taxes, and net income. It helps measure profitability and shows how revenue is transformed into net earnings.