In a final account, which of the following is included in the income statement?

In a final account, which of the following is included in the income statement?

Step 1: Understand that the income statement is a financial report.
Step 2: Know that the income statement shows how much money a company made (revenues) and how much it spent (expenses).
Step 3: Identify that revenues are the total money earned from sales or services.
Step 4: Recognize that expenses are the costs incurred to run the business.
Step 5: Learn that the income statement calculates net income by subtracting total expenses from total revenues.

No concepts available.