Income: The inflow of cash or other properties received in exchange for providing goods or services.

Income Statement: A financial statement that discloses the revenues and expenses of a business over a period of time, usually one year.

Income Tax Paid: Income taxes paid on business earnings for the current year. For a sole proprietorship this figure can be taken from the income tax return. For a corporation, income tax paid is often broken into current and deferred income taxes. The current portion is that which is actually paid. The deferred portion is a non-cash item, which results from the company reporting net income for tax purposes differently than in the financial statements. The deferred portion is accumulated and carried as a liability on the balance sheet.

Intangible Assets: Literally an asset you cannot touch, but like all other assets, benefits or adds value to the business. The most common example is goodwill.

Intermediate Assets: Assets used in the production process with a lifespan of less than 10 years.

Inventories: Items of tangible property that are held for sale in the ordinary course of business or are in the process of production for sale or are to be directly consumed in the production of goods and services (feed, seed, farm supplies, market livestock). In a non-farm business, it is the total purchase cost of physical inventory at hand and may be shown either as one total as in a typical retail store or broken down into its parts of raw materials on hand at cost, work in progress (material plus cost of labour) and finished goods (such as material cost plus labour and packaging) as in a typical manufacturing enterprise.

Issued Capital: The portion of authorized capital stock for which shares have been subscribed, allotted and entered in the share register.