Income Statement: It refers to that financial statement that is made to show the net income or loss that a company or a business has made by the end of a particular period. It is also known as profit and loss statement. To explain: Reason for the user of an income statement to know the time period that it covers.

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Chapter 2, Problem 13DQ

To determine

Income Statement:

It refers to that financial statement that is made to show the net income or loss that a company or a business has made by the end of a particular period. It is also known as profit and loss statement.

To explain: Reason for the user of an income statement to know the time period that it covers.

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