This form is none other than the Income Statement. The income statement has a simple and straightforward purpose, to report the success or failure of the company’s operations for a period of time. The net income (or loss) is determined by deducting expenses from revenues.
The definition of income is the amount of money received by a person, group or company during a certain period of time. An example of an income is a $70,000 a year salary. Income from routine or everyday activities, such as the operations of a business or the labor of an individual.