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 ...

Marshall Hargrave is a stock analyst and writer with 10+ years of experience covering stocks and markets, as well as analyzing and valuing companies. Dr. JeFreda R. Brown is a financial consultant, ...

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 ...

A version of this article previously appeared on March 12, 2021. It seems like a bygone era and it is: Fewer than 15 years ago, cash yields were at 5% and bond yields were even more robust. But yields ...