Question

The ________ ________, sometimes called an earnings statement or profit and loss statement, reports the profitability of a business organization for a stated period of time.

Answer 1

The income statement , sometimes called an earnings statement or profit and loss statement, reports the profitability of a business organization for a stated period of time.

Step-by-step explanation:

The calculation of the income statement is done to estimate the earnings of a buisness organization during an specifi period of time, it can be a month or a year.

The income is obtained by considering the revenues (which is the money that comes from the sales of the products ), minus the expenses (cost of production).