Companies prepare an income summary and an income statement at the end of an accounting period. While an income summary is a clearing account used to close income-statement accounts at the end of a ...

Ending your fiscal year with a net loss can be tough to deal with. The accounting, though, isn't any more complicated than ending on a net gain. The process of creating and then closing an Income ...

David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.