Скачать или смотреть Income Statement Rap | Know Your Financial Statements

Learn what goes on the income statement in this rap. Equations included!
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Music: Scratch the Itch by Quincas Moreira (YouTube Audio Library)

A financial statement important to your boss, is the income statement showing profit and loss!

Revenue, is the money coming in, also known as sales, it’s where we begin!

Cost of Goods Sold, also known as COGS, is second in line, with the accounting laws.

Subtract COGS from Revenue and what do you get?

Congratulations my friend, you just found the gross profit!

Next up, we must acknowledge expenses, there’s no way around it, so lower your defenses!

Two kinds, operating and non, accounting all the ways some of our money is gone!

Operating includes SG&A, to turn on the lights and ensure employees get paid!

Take gross profit minus op. expenses, and operating income is what it dispenses!

With non-operating, most often interest, belongs right here, so tell your friends on Pinterest!

Op. income minus interest expense, gives us pre-tax income, it’s getting intense!

Hold up, relax, we’re almost done, just subtract taxes, and you’ve got net income!