Statements are sentences that express a fact, idea or opinion. Statements do not ask questions, make requests or give commands. Statement sentences can be simple, compound or complex sentences; a sentence always consists of at least one clause containing a subject and a verb and nearly always ends in a full stop.

gives us the right to express ourselves without fear of punishment. It also gives us access to information and protection from prior restraint.

The First Amendment offers fairly broad protection to offensive, repugnant and hateful speech. Regulations against hate speech imposed by a government actor (like a public university) are often found unconstitutional when they are challenged in court.

There are four main financial statements. They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

The income statement focuses on four key items—revenue, expenses, gains, and losses.

An income statement is a financial statement that shows you the company’s income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.

To prepare an income statement generate a trial balance report, calculate your revenue, determine the cost of goods sold, calculate the gross margin, include operating expenses, calculate your income, include income taxes, calculate net income and lastly finalize your income statement with business details and the …

An income statement is an important financial statement as it shows the overall profitability of a company. You can also use the income statement to analyze how efficiently your business is able to translate expenses into revenues.

Most, but not all, expenses are deductible from a company’s income (revenues) to arrive at its taxable income. The most common tax-deductible expenses include depreciation and amortization, rent, salaries, benefits, and wages, marketing, advertising, and promotion.

Key Elements of the Income Statement

• Revenue.
• Cost of goods sold (COGS)
• Gross Profit.
• Operating Costs.
• Operating Profit.
• Equity Income.
• Interest Income.
• Interest Expense.

Types of Expenses

• Cost of Goods Sold (COGS) Cost of Goods Sold (COGS)
• Operating Expenses – Selling/General and Admin. Operating expenses are related to selling goods and services and include sales salaries, advertising, and shop rent.
• Financial Expenses.
• Extraordinary Expenses.
• Non-Operating Expenses.