Although the basics of an income statement are the same from business to business, there are notable differences between services, merchandisers, and manufacturers when it comes to the accounting ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

Financial statements are essentially the report cards for businesses. They tell the story, in numbers, about the financial health of the business. The information found on the financial statements ...

In this case, the company will record the revenue on the income statement and create an "accounts receivable" account on the balance sheet. Then, when the customer pays, the accounts receivable ...