Income Statement
- Saturday, January 3, 2009, 4:57
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Income statement incorporate two type of account expense and revenues. Income statement is mainly use for the tracking of revenue(amount earned by the product and services) and expenses (amount spend on products and services).Income statement show the performance of the company on the basis of profit or loss. Change in performance (expense,revenues and profit) can be determine by comparing last year income statement figures with the current year income statement. Income Statement developed on monthly, quarterly. semi annually and annually depend upon company policy.
Income Statement Format
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Format of Income Statement
ABC Company Income Statement 1/1/2008 Sales(Revenue) ————————– $4000 Cost of good sold ———————– $2500 ———————————————— Gross Profit————————————-$1500 Marketing expense———————$200 Administrative expense—————-$300 —————————————— Total expense——————————500 ———————————————— EBIT———————————————$1000 Interest———————————-$500 ———————————————– EBT———————————————-$500 Taxes————————————$250 —————————————————– Net Inome—————————————-$250 Share this tutorial: ...Read more
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