# Income Statement The Income Statement, also referred to as a profit and loss statement, statement of incomes and losses, or report of earnings, discloses the income the business has earned during the accounting period, the costs or expenses that were incurred by the business during the period and the difference between the costs and incomes for the period, or net profit (or loss). The account type assigned to each Chart of Accounts number dictates the format of the Income Statement. The format of the statement is as follows: | Account Type | Totals | Formula for Total | | ------------------ | -------------------------------- | ------------------------------------------------------------------------------- | | Income | | | | Cost of Goods Sold | | | | | Gross Profit | Income - Cost of Good Sold | | Expense | | | | | Net Income(Loss) From Operations | Gross Profit - Expense | | Other Income | | | | Other Expense | | | | Interest Paid | | | | | Net Income(Loss) Before Taxes | Net Income(Loss) From Operations + Other Income - Other Expense - Interest Paid | | Income Taxes | | | | | Net Income(Loss) | Net Income(Loss) Before Taxes - Income Taxes | --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://infinisuite.gitbook.io/erp/information/income-statement.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.