Road Grit! Truckers - What is an income statement and why do you need one?

Road Grit! Truckers - What is an income statement and why do you need one?

Road Grit! What is an income statement?
I'm going to give you something that is probably very different from what most of you have been taught about an income statement.

But first let's look at what an income statement is. An income statement is very simply the income coming in minus the expenses going out, and that equals profits. Those profits are either going to be the black, which means you are making money, or the red, which means you are losing money.

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