The basic equation underlying the income statement is [...] + [...] – [...] = Net income.
Answer
Revenue + Other income -Expenses = Income
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Open it The basic equation underlying the income statement is Revenue + Other income – Expenses = Income – Expenses = Net income.
Original toplevel document
3.1.2.1. Income Statement ning that they include the income and expenses of subsidiary companies under the control of the parent (reporting) company. The income statement is sometimes referred to as a statement of operations or profit and loss (P&L) statement . <span>The basic equation underlying the income statement is Revenue + Other income – Expenses = Income – Expenses = Net income.
In general terms, when one company (the parent) controls another company (the subsidiary), the parent presents its own financial statement information consolidated with tha
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