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An income statement (sometimes called a profit and loss statement) lists your revenues and expenses, and tells you the profit or loss of your business for a given period of time. You've may have seen a formal income statement for other businesses or have paid your accountant to prepare one for yours. Such statements are invaluable in business planning, and many lenders will request this information.
While you may wish to work with your accountant for formal statements, you can create one yourself by using this Income Statement (Profit and Loss) Worksheet as a starting point. Fill in your income and expenses and the spreadsheet automatically calculates all the subtotals and totals and computes your net income.
Although the template is an example of an income statement for a business that purchases inventory and processes it into a final product, you can customize it to reflect your business situation.
The file contains a Microsoft Excel (version 4.0 and above) spreadsheet template.
Toolkit is providing these tools free of charge. Some of these forms contain technical language and create significant legal obligations. Do not use any form without first having an attorney review the form and determine that it is suitable for the purpose for which you intend it.