The income statement reports all of the following except: Group of answer choices The time period over which the earnings occurred. Assets owned by a business. Net income or loss earned by a business. Expenses incurred by a business. Revenues earned by a business.

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05-07-2022
Business

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The income statement reports all of the following except: Group of answer choices The time period over which the earnings occurred. Assets owned by a business. Net income or loss earned by a business. Expenses incurred by a business. Revenues earned by a business.

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Bharathparasad577idn Bharathparasad577idn · Answer 1 · 2022-07-13T13:34:15-04:00

All of the following are reported in the income statement, with the exception of Assets owned by a business which is a balance sheet item not included in income statement.

A financial report describing a company's income and expenses over a reporting period is called an income statement. It is usually prepared quarterly or annually and is also known as a profit and loss (P&L) statement. An organization's financial performance over a reporting period is shown in income statements.

The following details are commonly found on an income statement:

Revenue: The amount of money received by a company during a reporting period

Costs : Incurred by a company during a reporting period.

Costs of goods sold (COGS): The total expenses for the parts that make up any good or service that a business produces and sells.

Revenue less the cost of items sold is known as gross profit.

gross profit less operating expenses equals operating income.

Operating income less non-operating costs equals income before taxes.

Net income: Earnings before to taxation

Net income divided by the total number of outstanding shares is known as earnings per share (EPS).

Depreciation: The gradual loss of value in assets over time, including stock, machinery, and property

Earnings before interest, taxes, depreciation, and amortization, or EBITDA

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