an income statement or profit and loss statement is an essential financial statement where the key value reported is known as net income. the income statement is typically used in combination with a balance sheet statement. (1) the simplified “single-step” income statement groups all of the revenues and expenses, except the income tax expense. (2) the “multi-step” income statement example breaks out the gross profit and operating income as separate lines. it calculates the operating income and then adjusts for interest expense and income tax to give the income from continuing operations. the second worksheet, shown on the right, is a multi-step income statement that calculates gross profit and operating income. in the income statement template, there are categories for sales revenue, service revenue, interest revenue, and other revenue.
for a retail company, one of the main expenses is the cost of goods sold. so, you’ll see cost of goods sold broken out into its own section, with gross profit calculated as the net sales minus cost of goods sold. the cost of goods sold can be calculated by adding beginning inventory, goods purchased, raw materials and direct labor for goods manufactured, and then subtracting the ending inventory. don’t include interest expense and income taxes (they will be included later). in the multi-step income statement, the operating income is calculated as the gross profit minus the total operating expenses. this is the “bottom line”, calculated as the operating income minus interest expense and income tax (and plus/minus non-operating revenues, expenses, gains, and losses, if there are any). below the reported net income from continuing operations) because they may not be expected to occur in the future.
income statement templates are print-ready tools that companies can use to record, present, and analyze the operation of the businesses for a given period, usually one financial year. the following are the best excel templates you can use to record the income statement of your enterprise. the sheet features a simple design which makes it easy to use. the common size income statement is a four-section template that you can rely on for an accurate financial analysis. of course, the goal of every business on the market is to make profit, but there must be a mechanism that helps a business to determine whether it is making profits or otherwise. therefore, the income statement templates enable the accounting team to determine the total amount of profit ploughed back to your company for the given period. it also makes it possible to account for the expenses incurred to operate the company.
the template is free to download. if you are running a business as a sole proprietor, you can still use the sample excel files to conduct the accounting process. it is important to understand that the market has many small businesses that deal with different franchises. moreover, bigger companies, like lending institutions and universities, can use the template for accounting. the income statements can and will help you to understand the health status of your business. the results enable you to determine whether there are changes that you need to make if you must make more profits or you are already making enough profit from the business. income statements can also help you to do what’s known as business forecasting, a technique known to help businesses, an almost accurate guess about the future of their enterprises. for now, your goal should be to see great result, and the only best way to do that is to work hard so that your business can flourish; this will make it easy to lower overheads and make more profits.
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