All necessary amounts needed to prepare the income statement can be taken from the income statement columns of the work sheet,including the net income or net loss.

Income Statement Columns

Income statement columns refer to the structured format used to present the revenues, expenses, and net profit or loss of a business over a specific period.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net income or loss.

Net Income

The final earnings of a company after total revenue has had all taxes and expenses removed.