Day 2

Introduction to the Income Statement

The income statement is where you can see the revenue, expenses and profit (or loss) during a specific period of time. In this video we take a look at Apple’s 2018 income statement. Scroll to the bottom for your daily homework. After watching the video below, scroll down to the bottom for your homework questions and answers.

Your Homework

Take a look at Costco’s 2022 10-K (or "annual report") and locate their Income Statement.

  1. What does Costco call the income statement (what is the name or title of this statement)?

  2. What term does Costco use for the top line?

  3. What sub-categories does Costco break out in their reporting of revenue?

Scroll down to see the answers.

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Answers

  1. Consolidated Statements of Income

  2. Revenue

  3. Net Sales and Membership Fees

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