Wade Phillips. Peyton Manning poked fun at Wade Phillips last week on a homemade video, congratulating him on a 39th year coaching in the NFL. But not before Manningâs brother, Cooper, butted in with an impression.
The income statement presents a summary of the revenues, gains, expenses, losses, and net income or net loss of an entity for the period. This statement is similar to a moving picture of the entity's operations during the time period specified.
The income statement is the first financial statement typically prepared during the accounting cycle because the net income or loss must be calculated and carried over to the statement of ownerâs equity before other financial statements can be prepared.