Also referred to as a profit and loss statement. By combining these elements, the income statement illustrates just how much income your company makes or loses during the year by subtracting cost ...

Data found in the balance sheet, the income statement, and the cash flow statement are used to calculate important financial ratios that provide insight into the company’s financial performance.

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The income statement is a financial document that demonstrates the financial performance of a business based on its income and how this has changed over a period of time, usually 12 months.

While a personal cash flow statement may contain someone's salary and 1099 income, a corporate cash flow statement focuses on operating activities, investing activities and financing activities.