   Chapter 15, Problem 8CR ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Write the formula that illustrates the structure of an income statement. (15-4)

To determine

The formula that illustrate the structure for an income statement.

Explanation

Consider that income statement shows the revenue that the business earns from the sale of all the goods and services. It is also known as a profit or loss statement. It is computed by subtracting the expenses from the revenues.

The formula to compute profit or loss is,

Profit or loss=RevenueExpense

For example, Islander Inc. earns revenue of $10,000 and made an expenditure of$8,800

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