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| | Income Statements: Small Business Accounting (via CobWeb/3.1 planetlab2.cs.unc.edu) (Site not responding. Last check: 2007-10-12) |
 | | An income statement, otherwise known as a profit and loss statement, is a summary of a company’s profit or loss during any one given period of time, such as a month, three months, or one year. |
 | | The income statement records all revenues for a business during this given period, as well as the operating expenses for the business. |
 | | Income statements, along with balance sheets, are the most basic elements required by potential lenders, such as banks, investors, and vendors. |
| www.businesstown.com.cob-web.org:8888 /accounting/basic-statements.asp (661 words) |
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