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The income statement, also known as a profit and loss statement (P&L), outlines a company's revenue, expenses, and profits over a specific period. It begins with revenue, the total dollar amount from all sold products and services, then deducts the cost of goods sold (COGS) to arrive at gross profit. Next, overhead costs, including research, sales, and administrative expenses, are subtracted to determine operating income, or earnings before interest and taxes (EBIT). After removing interest expenses on debt, we find earnings before taxes (EBT). Lastly, subtracting income taxes paid yields the net income of the company.
