What is the difference between net earnings and net income? I suppose net income is the final figure I can see on the income statement. How is that different from the net earnings?
Andrew Answered question
Yes, they are the same thing. We would normally call the figure at the end of the income statement (profit and loss statement) the net profit/(loss). It is clearer to a reader as to what we are then referring to; ie, did the entity make a profit or loss in the reporting period. Net earnings or net income can lead to some confusion in that some people use the term to refer to the netting off of income – which of course should not normally be done.
Andrew Edited answer