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).
Businesses produce various financial reports to monitor the companyâs performance and worth. One such report is the income statement, also called a profit and loss statement. This report records income from sales, interest earned, and other sources and expenses, such as payroll, rent and cost-of-goods sold. As a rule, sales for a reporting period are matched to the expenses incurred to support those sales.