Income statement. An income statement shows changes in a business’s revenues and expenses over a certain time period.Items included in an income statement are revenue,cost of goods sold, gross profit, expenses, and net profit.

Revenue.Revenue is the income that a business receives.Revenue is usually generated

from the sale of goods and services.A company’s performance is measured based on how its revenue compares with its expenses.

Cost of goods sold.Cost of goods sold (COGS)is the cost that comes from the production of goods. This includes the cost of materials and direct labor costs used to produce the goods. For a bakery, the money spent on buying flour is considered as cost of goods sold.

-Two items included in an income statement are?revenue and expenses.

-by selling goods and?services.

The newspaper industry has struggled in recent years to boost its revenue.Cost of goods sold includes the cost of materials and direct labor costs and excludes distribution costs and other indirect expenses.?A company’s total costs are equal to the cost of goods sold plus expenses.The mobile industry’s revenue is projected to reach over 1 trillion dollars in 2020.

Cost of goods sold includes materials costs and labor.

Gross profit. Gross profit is the total profit made after deducting the cost of goods sold from sales. A company can increase its gross profit by increasing sales while maintaining or reducing cost of goods sold.

Expenses. Expenses represent the amount of money a business spends?besides the cost of goods sold.Common

business expenses include employee wages, payment to suppliers, and office

leases. Businesses try to cut expenses in order to increase their net profit.

Net profit. Net profit is the profit a company makes after subtracting expenses from its gross profit. Companies can determine if they are successful or not by looking at their net profit.

-Gross profit can increase by?increasing sales while maintaining or reducing cost of goods sold.

– gross profits minus expenses.

Our gross profit for the quarter amounted to 7 million dollars.A start-up company may need to borrow a large sum of money to pay for its expenses.?Annual net

profit dropped 15%due to increased expenses.If their sales had not declined so significantly, their net profit wouldn’t have decreased.The firm’s net profit was 4 million dollars for the first quarter, while its gross profit was 30 million dollars. Because their cost of goods sold increased more than their revenue, their gross profit decreased.

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