Can someone please help me evaluate an Income statement? What does it tell you about the company? How is it regulated and provide examples? Why is it important? Who uses it and why? Please 250+ words. Thank you!© BrainMass Inc. brainmass.com October 17, 2018, 12:40 pm ad1c9bdddf
An income statement is the financial statement of a company that shows the revenues and expenses of that company during a specific reporting period. An income statement is also known as a revenue statement, earnings statement, operating statement, or Profit and Loss (P&L) statement. The income statement explains how a company's revenues are transformed into net income. The revenue is the money that they receive from the sale ...
This solution explains what information you can get from evaluating a firm's income statement
Preparing the Financial Statements from an Adjusted Trial Balance
Using the adjusted trial balance of Ladner Environmental Services at the end of its year, December 31, 2011:
1. Prepare Ladner Environmental Services 2011 income statement, statement of owner's equity, and balance sheet. List expenses in decreasing-balance order on the income statement and show total liabilities on the balance sheet. Write a short paragraph describing how the three financial statements are linked. How will what you have learned in this problem help you manage a business?
2. Which financial statement reports Ladner Environmental Services result's of operations? Were 2011 operations successful? Cite specifics from the financial statements to support your evaluation.
3. Which statement reports the company's financial position? Does Ladner financial position look strong or weak? Give the reason for your evaluation