Easiest To Use Profit Loss Statement Template

profit loss statement templateWhat is a profit loss statement template?

The profit and loss statement summarizes the revenues and expenses generated by a company over the entire reporting period. It is also known as the income statement, statement of earnings, statement of operations, or statement of income. The profit and loss statement along with the balance sheet and the direct method cash flow statement is one of the three main financial statements used to assess a company’s performance and financial position. The simple profit and loss statement has a basic mathematical formula:

  • Income (Revenues Gains) – Expenses = Net profit

If income is more than expenses, the business will have made a profit. Conversely, if expenses are more than income, then there is a loss. A profit and loss statement can be used for identifying high cost items or expenses that were unproductive and made little or no profit. Analyzing the profit and loss statement will enable you to better control expenses. A profit loss statement template can be used to essentially plug in the necessary numbers to complete your statement.

Structure of the profit and loss statement

Regardless of the type of business or industry the profit and loss statement will be essentially the same. The structure of the profit and loss statement with some sample account headings is shown here:

Income Statement for the period ended __/__/__

Income $

Revenues

Sales

Less sales returns

Service revenue

Less discounts given

Net sales revenue Add all revenue figures

Less COGS

Opening stock

Plus purchases made

Less closing stock

Cost of Goods Sold Add all COGS figures

Gross Profit Net sales revenue-COGS

Gains

Gain made on sale of equipment

Loss on sale of equipment

Total income Gross profit Gains

Expenses

Advertising Expense

Rent Expense

Telephone Expense

Administration Expense

Insurance Expense

Interest Expense

Total Expenses Add all expenses

Net Profit

Total revenue Total expenses

A profit loss statement template might be for a year, three years or even five years. If you are unsure how to do a profit and loss statement, the company analysis service we provide can help.

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