Keyword Analysis & Research: balance sheet vs income statement difference


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What do balance sheets and income statements communicate?

The balance sheet shows the financial position of the organization at a particular point in time. The income statement shows the operating results of the organization over a period.

How do you calculate income statement?

To prepare an income statement, follow these steps: Print trial balance. Determine revenue amount. Determine cost of goods sold amount. Calculate gross margin. Determine operating expenses. Calculate income. Calculate income tax. Calculate net income. Prepare header.


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