Use this tool (also known as a Profit & Loss Statement) to indicate how revenue is transformed into net income. The purpose of this tool is to demonstrate whether the company made or lost money during the period of time being reported.
Income Statement Current Prior Increase/ Percent Comments Period Period Decrease Change Revenue Gross Sales Less: Sales Returns and Allowances Net Sales $0 $0 Cost of Goods Sold Beginning Inventory Add: Purchases Add: Freight-in Add: Direct Labor Add: Indirect Expenses Inventory Available $0 $0 Less: Ending Inventory Cost of Goods Sold $0 $0 Gross Profit/Loss $0 $0 Expenses Advertising Amortization Bad Debts Bank Charges Charitable Contributions Commissions Contract Labor Depreciation Dues and Subscriptions Employee Benefit Program Insurance Interest Legal and Professional Fees Licenses and Fees Miscellaneous Office Expense Payroll Taxes Postage Rent Repairs and Maintenance Supplies Telephone Travel Utilities Vehicle Expenses Wages Total Expenses $0 $0 Net Operating Cost $0 $0 Other Income Gain (Loss) on Sale of Assets Interest Income Other Income $0 $0 Net Income Net Income (Loss) before Taxes $0 $0 Taxes on Income Net Income (Loss) after Taxes $0 $0
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