Companies prepare an income summary and an income statement at the end of an accounting period. While an income summary is a clearing account used to close income-statement accounts at the end of a ...

A company's income statement shows the revenues, expenses and profits or losses for an accounting period. The two income statement formats are single-step and multi-step. Companies that sell tangible ...

Traditional and contribution margin income statements provide a detailed picture of a company's finances for a given period of time. While both serve the purpose of showing whether a company has a net ...