Income Statement Template: Quick Statement of Profit and Loss

Benefits: 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 probably seen a formal income statement for other businesses or have paid your accountant to prepare one for yours. If you would like to try creating an income statement yourself for your business, you can use the spreadsheet template, contained in the attached file, as a starting point. Just plug in your income and expense account balances and the spreadsheet will automatically calculate all the subtotals and totals, and compute 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 quickly customize it to reflect your business situation.


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