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A quick reading of Maxidrive's income statement (Exhibit 1.3) indicates a great deal about its purpose and content. The heading identifies the name of the entity, the title of the report, and the unit of measure used in the statement. Unlike the balance sheet. , however, which reports as of a certain date, the income statement reports for a specified period of time (for the year ended December 31, 2009). The time period covered by the financial statements (one year in this case) is called an. accounting period. Notice that Maxidrive's income statement has three major captions, revenues, expenses, and net income. The income statement equation that describes their relationship is a diagram of the income statement. Means a great deal about the purpose and content. Title Name of company Name of the report, which differ from the balance sheet. Some reports, however, that the report on the income statement for the period. (For the year ended December 31, 2014) for the period covered by the financial statements. It is called the period. Notice that the statement of income. There are three explanations for significant revenues, expenses and net income. The income statement describing their relationship.
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