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The income statement can be prepared in one of two methods. [4] The Single Step income statement totals revenues and subtracts expenses to find the bottom line. The Multi-Step income statement takes several steps to find the bottom line: starting with the gross profit, then calculating operating expenses. Then when deducted from the gross ...
Often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is informally called the bottom line because it is typically found on the last line of a company's income statement (a related term is top line , meaning revenue , which forms the first line of the account statement).
The “bottom line” is an idiom that’s often used as a metaphor to characterize “the essential or salient point.” The term actually comes from accounting . On an income statement, the top ...
The statement of profit and loss, also known as the income statement, for the specific period contains a gross-revenue figure which is located at the beginning of the statement. Expenses are then deducted on the statement to derive the "bottom-line" figure which is a net value. [ 2 ]
To help offset the self-employment taxes, there are quite a few deductions you can take to lower your business income. See if you qualify for them. 15 Self-Employment Tax Deductions You Should Know
It is often referred to as the "top line" due to its position at the very top of the income statement. This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses). [3] In general usage, revenue is the total amount of income by the sale of goods or services related to the company's operations.