Overview of the Income Statement

UPDATE: Extraordinary Items are no longer reported for U.S. GAAP. Also, they are not reported for IFRS. You may see Extraordinary Items in older financial statements.
This video provides an overview of a sample Income Statement, highlighting the various items that typically appear on the Income Statement with a brief discussion of their various meanings.
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[@icecold1805]

1. Revenue
2. Expense
3. ???
*4. Profit!*

[@MyFinancialFocus]

Profit is my favorite word in the dictionary.

[@BestSolutionsAccounting]

You are my favorite teacher!

[@claudiamendieta4937]

Thank for your videos, I love them 🌸

[@Edspira]

Glad you like them!

[@walidhogan5995]

Thank you 🙏 so much

[@viscom2789]

No comments

[@WowYaska]

net of tax on earthquakes. What does that even mean?

[@icecold1805]

I dunno where you read that. But I googled it, and from what i could gather, some States have special taxes for when earthquakes hit, that are lower taxes than normal to help economic recovery. I pressume that account you are taking about is net of tax but in times when an earthquake struck so the company is under this special taxes.

[@WowYaska]

@@icecold1805 I think it starts at 10:13 when he talks about extraordinary items. Thanks for your help btw

[@joemob1263]

why discontinued operations and extraordinary items are being deducted? when you sell a unit of your production it's an income. why you deduct it?

[@claudiamendieta4937]

Thank you for your videos , I love them 🌸