Income Statement For Tailoring Business

While not for everyone most small business owners will find the.

Income statement for tailoring business. The income statement is useful for making informed business decisions when seeking a business loan or additional investors and when filing business taxes. The business has a net income of p120 272 per year the group had chosen to gather data from a tailoring service. Dear team one of my client having tailoring business which are the expenses i have to show in profit and loss account which are the assets i can show in balance sheet income tax others. On the balance sheet net income appears in the retained earnings line item.

George s tailoring income statement for the year ended december 31 2014 1 sales 100 000 cost of goods sold 75 000 gross profit 25 000 operating expenses advertising 2 000 sewing supplies 3 000 electricity 1 500 water 500 telephone 1 500 miscellaneous 500 repairs and maintenance 1 500 interest expense 3 000 depreciation 4 000 business tax 2 000 total operating expenses 19 500 net profit 5 500. In brief business includes any trade commerce and manufacturing of goods with a purpose of making profit within the permissible laws of country. The tailoring service business is managed and owned by mrs. An income statement otherwise known as a profit and loss statement is a summary of a company s profit or loss during any one given period of time such as a month three months or one year.

Carmi jamesola together with his husband. They display cash activity. What is a profession. You might be great at stitching your clothes and designing your sister s dress but for becoming a professional you need to know the right techniques and have the right skill set.

The income statement records all revenues for a business during this given period as well as the operating expenses for the business. Once you ve prepared your income statement you can use the net income figure to start creating your balance sheet. Net income is the final calculation included on the income statement showing how much profit or loss the business generated during the reporting period. Query on income from tailoring is it business or profeession income tax cci menu online learning webinar articles news updates forum share files experts notifications circulars judiciary tags gst income tax audit.

The easiest income statement to prepare the single step income statement provides an at a glance look at revenues and expenses. Let s start with let s start with training and learning.