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We
can help businesses prepare
Income Statement.
An income statement, otherwise
known as a profit and loss
statement, is a summary of a
company’s profit or loss during
any one given period of time,
such as a month, three months,
or one year. The income
statement records all revenues
for a business during this given
period, as well as the operating
expenses for the business.
You use an income statement to
track revenues and expenses so
that you can determine the
operating performance of your
business over a period of time.
Small business owners use these
statements to find out what
areas of their business are over
budget or under budget. Specific
items that are causing
unexpected expenditures can be
pinpointed, such as phone, fax,
mail, or supply expenses. Income
statements can also track
dramatic increases in product
returns or cost of goods sold as
a percentage of sales. They also
can be used to determine income
tax liability |
