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LSDefine

Simple English definitions for legal terms

statement of income

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A quick definition of statement of income:

A statement of income, also known as an income statement or profit-and-loss statement, is a report that shows all the money a business earned and spent during a certain time period. This report includes all the revenue (money earned), expenses (money spent), gains (money earned from selling assets), and losses (money lost from selling assets) of the business. It is different from a balance sheet, which shows the financial position of a business at a specific point in time.

A more thorough explanation:

A statement of income, also known as an income statement, is a financial document that shows all the revenues, expenses, gains, and losses that a business has incurred during a specific period of time. It is used to determine the profitability of a business and to assess its financial performance.

For example, a company may create an income statement for the first quarter of the year, which would show all the money the company earned from sales, as well as all the expenses it incurred during that time, such as salaries, rent, and supplies. The income statement would then subtract the expenses from the revenues to determine the company's net income or loss for that period.

The income statement is an important tool for businesses to track their financial performance and make informed decisions about their operations. It is often used by investors, creditors, and other stakeholders to evaluate a company's financial health and potential for growth.

statement of financial position | statement of intention

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Tell us what's important to you
10:36
like la haine or the apu trilogy or some shit
10:36
that would be more interesting
NosyBeagle
10:38
@NemoPropheta: LSAT haters unite. This test sucks butt
10:43
I got 2 weeks left of this shit and I have 0 motivation
10:55
@RasheedWallaceFan: yeah for some reason SMU isnt listed on any of the rankings lists. Been that way all year
@NemoPropheta: you only got another 40+ years of it!
@PremiumFrequentCrane Is right.
You'll forever have those days where shit ain't getting done. Just a matter of how you handle them. (IE using Chatgpt to draft a motion for leave like meeeee)
NosyBeagle
13:52
look at my lawyer dawg... im going to jail
Nah, I don't use it to do my case law. Just the actual motion drafting.
For example, I was trying to get the right language in a Motion for Sanctions (tl;dr slip and fall case, defense counsel played nothing but games – IE never sending records despite it being mandatory to trcp, producing never before seen records DURING A DEPO) and just talked to ChatGPT about his behavior to provide background to help with the drafting for the procedural paragraph.
@NosyBeagle: just makes me think of vanillamace
@TiredOfThisGrandpa: I dont have LSD+ so cant dm but will def hit you up when I have them done! Also is ur username a reference to holes? lol
Can i get accommodations for mid test 2 hour nap
I mean, i have sadhd
15:34
you could get accommodations for the schizoaffective disorder you clearly have
NosyBeagle
15:53
a two hour nap in between sections would be great for me
ronniedoeslaw
15:58
LSAT isn’t horrible you just have to lock in really hard for 2 hours and expect to be exhausted the rest of the day mentally
16:30
ugh i hit this lady w my car
16:31
well i hit her car and the cops said there's no damage but she says there is should i call my insurance what u think lawyers
real quick question. How much do early applications matter? I have super strong softs and an ok LSAT score of 160. GPA wasn't great at 3.33. I applied in late march and I have been rejected everywhere so far
16:58
late march is way too late
16:58
early doesn’t matter but before thanksgiving matters
ronniedoeslaw
16:59
Have you used the LSAC search for schools link? It helps a lot letting you know the probability of acceptance.
I mean early early might be overblown but dont apply if you are applying in march
does anyone know how many questions they typically ask for the UT recorded interview
20:21
has anyone been accepted off of the waitlist for New England yet?
ronniedoeslaw
20:36
No yet for me, I was waitlisted on Monday
ronniedoeslaw
20:36
Not *
@Callmylawyer: I feel really bad for you. I feel really sad that you are asking that.
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