Financial Differences Between Wells Fargo: Services And Manufacturing Companies

There is no universal income statement format that covers all businesses; however, businesses in different industries, such as service and manufacturing, have several differences between their statements since the businesses have different types of expenses and different income sources. In the Wells Fargo, consolidated income statement main income and expenses source is interest, therefore it is divided into two parts interest income and expenses than noninterest income and expenses. Whereas manufacturing companies’ expenses and income are based on selling and manufacturing the products.

For a merchandising firm, gross profit represents sales less cost of goods sold. For Wells Fargo, the component of the income statement that would be similar