Basic Simple Income Statement Template

Income statement is one of the most important financial statements of a company that reveals accurate financial position of the company or business over a particular accounting period.

Basic simple income statement template. It is an accounting tool which describes about the revenues and expenses through both operating and non operating activities. A simple or basic income statement may only include income expenses and net profit or loss. The company alternatives are the simple income statement for small business and simple income statement for company. Basic elements of an income statement.

Vertex 42 multi step income statement template vertex has long made simple and effective templates. Their income statement template here is no exception. This financial statement can also be used to track revenue and expenses to plan annual budgets and sales projections along with determining what areas of the business are over budget or under budget. There are two elements involved in an income statement making namely revenue and expenses.

This income statement template was designed for the small business owner and contains two example income statements each on a separate worksheet tab see the screenshots the first is a simple single step income statement with all revenues and expenses lumped together. Businesses selling physical goods can use the income statement to track changes in returns cost of goods or operating expenses as a percentage of sales to quickly fix issues in the business. In other words we can also say that income statement is an accounting scorecard on the financial performance of the business along with basic accounting details such as quantity of sales expenses incurred and net profit earned by the company during a year. Chapter 4 income statement and related information 4 3 illustration illustration 4 2 presents an income statement for boc hong company.

Income statement usually prepared by the general accountant of the company and. A good income statement will read like a witness statement template for shareholders creditors and investors. The second worksheet shown on the right is a multi step income statement that calculates gross profit and operating income. An income statement template is a unique document for every business and use as a key element to know about the financial position of a company or business.

The revenue is the money that the business receives from all sources. As you can see from the picture above it s a good looking income statement with the main headlines of revenue expenses and below the line. In making the income statement the revenue is reported when the business does its part not when the client pays. Use our free income statement template it will help you a lot to do so.

Income statement template is added here on this page and free to download. The personal income statement is for an individual s financial statement instead of that of a corporation. For most small businesses a simple income statement is sufficient for internal reporting.