A business generates revenue by completing the customer's request to purchase the business's products or services. The income generated from the company's sales represents its revenue, while the ...

Also known as a profit and loss statement, an income statement helps business owners design yearly budgets, set future financial goals and decide whether to expand a business. A multiple-step income ...

Depreciation spreads the cost of tangible assets over their useful life on income statements. Each year, $1,500 is recorded as a depreciation expense, reducing the asset's book value. Amortization and ...