A condensed income statement is a financial document that shows the net profit or loss of a company over a specified period of time. It also presents a comparison of the current period’s results with those of the previous one. This allows businesses to see how well they are performing and identify potential areas for improvement. The condensed income statement typically starts with total revenues, followed by total expenses, and then subtracting the two yields the bottom line: the net income or loss of the company. It is an important part of any organization’s financial analysis and a great way to gain insights into a company’s performance.