Managerial accounting, a tool used for business decision-making, allows for different methods of calculating net income. The general formula is that sales minus costs equals net income, but there are ...

One of the benefits of understanding how the income statement and balance sheet work together is that you can figure out missing pieces of information based on numbers elsewhere in the financial ...

In order to determine their profitability, businesses look at their total net income relative to their total sales, or gross revenue. This figure, expressed as a percentage, is also known as the ...