Income Statement: It includes the information of net income earned or net loss suffered by the company. The expenses are deducted from revenue to get the net income or loss to the company. This is informative report that helps the users of financial information to take decision. To identify: The information reported in an income statement.

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Chapter 1, Problem 23DQ

To determine

Income Statement:

It includes the information of net income earned or net loss suffered by the company. The expenses are deducted from revenue to get the net income or loss to the company. This is informative report that helps the users of financial information to take decision.

To identify: The information reported in an income statement.

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