Income statement : The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement. To explain: Person T about the difference between the income statement of a manufacturing business and merchandise business.

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Chapter 1, Problem 7Q

To determine

Income statement:

The financial statement which reports revenues and expenses from business operations and the result of those operations as net income or net loss for a particular time period is referred to as income statement.

To explain: Person T about the difference between the income statement of a manufacturing business and merchandise business.

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