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).
The income statement is divided into two parts: income and expenses. Each of these is further divided into a section for cash entries and a section for noncash (accrual) adjustments. An example income statement is shown at the end of this publication. Blank forms for developing your own income statement are available in ISU Extension and Outreach publication FM 1824/AgDM C3-56, Farm Financial Statements. Most of the information needed to prepare an income statement can be found in common farm business records.