This preview shows page 1. Sign up to view the full content.
Unformatted text preview: in the following format: Income statement . The income statement , which is sometimes called the statement of earnings or statement of operations, is prepared first. It lists revenues and expenses and calculates the company's net income or net loss for a period of time. Net income means total revenues are greater than total expenses. Net loss means total expenses are greater than total revenues. The specific items that appear in financial statements are explained later....
View Full Document
- Fall '10