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LSDefine
Simple English definitions for legal terms
earnings report
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A quick definition of earnings report:
Earnings report: A document that shows how much money a business made and spent during a certain time period. It includes all the money the business earned (revenues), all the money it spent (expenses), and any gains or losses. It is also called an income statement, profit-and-loss statement, or earnings report. It is different from a balance sheet, which shows the business's assets and liabilities.
A more thorough explanation:
An earnings report is a financial statement that shows all the money a business earned and spent during a specific period. It includes revenue, expenses, gains, and losses. This report is also known as an income statement, profit-and-loss statement, or statement of income. It is different from a balance sheet, which shows a company's assets, liabilities, and equity at a specific point in time.
Example 1: A company releases its earnings report for the second quarter of the year. The report shows that the company earned $10 million in revenue and had $8 million in expenses, resulting in a net income of $2 million.
Example 2: A small business owner creates an earnings report for the past month. The report shows that the business earned $5,000 in revenue and had $3,000 in expenses, resulting in a net income of $2,000.
These examples illustrate how an earnings report provides a summary of a company's financial performance during a specific period. It shows how much money the company made and how much it spent, allowing investors and stakeholders to evaluate the company's profitability and financial health.