The Income Statement Explained! (Learn the P&L Basics)

This video will explain the Income Statement! The Income Statement (also known as the P&L or Profit & Loss) is one of the 3 main financial statements and it is critical to understand. In this video we will show you what the Income Statement is, walk through the different lines of the income statement to explain what they are, and give a few other details about why it is important and some limitations of looking at the P&L. Please be sure to subscribe to our channel! be sure to head to our website and sign-up for our our mailing list, more details coming soon! http://www.corporatefinanceacademy.com/ We have launched a facebook group for corporate finance employees & university/college students planning to become corporate finance employees! This will be a great place to ask questions, get career advice, and to talk with other like minded individuals!   / 796555704218386   0:00 Start 0:43 Introduction to the Income Statement 2:55 P&L over time vs. B/S snapshot 4:36 Revenue 5:06 Cost of Goods Sold and Examples 9:23 Gross Margin / Gross Profit 11:48 Operating Expenses 15:22 Operating Income 16:00 Other Income - Interest Expense - Taxes 17:37 Net Income 18:21 How the Income Statement is useful 19:00 P&L Limitations