The basic equation underlying the income statement is Revenue + Other income – Expenses = Income – Expenses = Net income.
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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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