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.
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.