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.
An income statement is a report that shows how much revenue a company earned over a specific time period (usually for a year or some portion of a year). An income statement also shows the costs and expenses associated with earning that revenue. The literal âbottom lineâ of the statement usually shows the companyâs net earnings or losses. This tells you how much the company earned or lost over the period. Income statements also report earnings per share (or âEPSâ).
Purpose of the Income Statement. The purpose of the income statement is to provide the financial earnings performance of the entity over a specific period of time. It is also referred to as a profit and loss statement or earnings statement.ncome Statement Format and Components. The Income Statement shows the revenues, expenses, and profits (or losses) of an entity over a specified period of time. In other words, it is a description of the entities profitability over a period of time (usually quarterly or annually).