Income Statement For Kramer Corporation: Profit After Cost Of Goods
Billionaire Warren Buffet once said, “In the business world, the rearview mirror is always clearer than the windshield.” That’s exactly what the three key financial keys are: the rearview mirror. The income statement, the balance sheet, and the statement of cash flows all combine to show exactly what happened in the past.
The income statement is a report generated to show the profitability of the company. It shows sales less expenses during a specified period of time. It is prepared in such a way that the profit after each expense can be determined easily. For example, on page 27 of our book is the Income Statement for Kramer Corporation. You can clearly see that the profit after Cost of Goods sold is $500,000, even though the report
The income statement is a report generated to show the profitability of the company. It shows sales less expenses during a specified period of time. It is prepared in such a way that the profit after each expense can be determined easily. For example, on page 27 of our book is the Income Statement for Kramer Corporation. You can clearly see that the profit after Cost of Goods sold is $500,000, even though the report