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 retail company to record its current operating performance and compare it to projected performance levels for a future period of time. Companies should analyze market and economic trends in order to most accurately predict future profitability levels. This document is similar to the Income Statement Pro Forma, but this statement only projects one future period as opposed to five future years. 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).