An income statement, also known as a profit and loss statement, is a financial statement that summarizes an organization's revenues and expenses during a specified period of time. This template allows a not-for-profit to record current operating performance and compare it to projected performance levels for a future period of time. Organizations should try to analyze market and economic trends in order to most accurately predict future profitability levels. An income statement allows managers to see an organization's net income (the bottom line) once costs, expenses, and taxes have been taken out of revenues (top line).
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