An income statement lists a company's revenues, expenses and net income, or profit. Net income equals total revenue minus total expenses. A condensed income statement reports the same overall ...

The provision for income taxes on an income statement is the amount of income taxes a company estimates it will pay in a ...

Inventory consists of the products you sell to customers. Receivables, or accounts receivable, are the outstanding balances you have yet to collect for sales made on credit. Although inventory and ...

Investors should closely scrutinize the quality of financial statements as net income can sometimes be manipulated through questionable accounting practices. For individuals, net income is the amount ...