Using an Income Statement to Your Best Advantage – Second in a Series

One of a credit professional's most valuable tools is an income statement. Also known as a profit and loss (P&L) statement, the financial document records a company's performance over a period of time, like a quarter or year. (Balance sheets, on the other hand, provide a snapshot of an organization's assets, liabilities and shareholder equity at a specific point in time. (For more information, see Using a Balance Sheet to Your Best Advantage – First in a Series.) As its name implies, an…