An income statement, also known as a profit and loss statement, is a financial statement that summarizes a company's revenues and expenses during a specified period of time. This template allows a professional consultant company to record current operating performance and compare it to projected performance levels for future years. Companies should try to analyze market and economic trends in order to most accurately predict future profitability levels. This document is similar to the Income Statement Forecast but this statement projects five future years as opposed to one future period. An income statement allows managers to see a company's net income (the bottom line) once costs, expenses, and taxes have been taken out of revenues (top line).