The basic format of an income statement is
A) Sales - Expenses = Profits.
B) Income - Expenses = EBIT.
C) Sales - Liabilities = Profits.
D) Assets - Liabilities = Profits.

Question

Quizplus · Accepted Answer

The basic format of an income statement is Sales - Expenses = Profits. The income statement shows the revenues, expenses, and profits (or losses) of a company over a specific period of time.

The Basic Format of an Income Statement Is