When someone say that the number are in the black. It means that they have made a net profit in their income statement. This is what owner, managers, and investor would like to hear when they are talking about a company performance.

When someone say that the number are in the red. It means that they have made a net loss in their income statement. This is the opposite of black and is awful to hear when reports come out. This can be an issue that need to be address with spending and revenue.

​Goodwill account is found on the balance sheet of a company because goodwill is considered an intangible asset. This means that money was spent to build a company reputation or its brand popularity. This happen when a company buys another company that is higher than the fair market value. The process usually happen when there is a merger and acquisitions between two companies.