Partial Income Statement Format

An income statement or profit and loss account also referred to as a profit and loss statement p l statement of profit or loss revenue statement statement of financial performance earnings statement operating statement or statement of o.

Partial income statement format. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc. Partial income statement for manufacturing company. View be4 5 partial income statement sample docx from acct 800 at coast guard academy. The income statement format above is a basic one what is known as a single step income statement meaning just one category of income and one category of expenses and prepared specifically for a service business.

Single step income statement. A partial income statement is generally prepared by the company when there are certain or uncertain changes that affect the company s financial performance and is reported for only a part of the accounting period. Finished goods inventory june 30 2013 cost of goods sold gross profit. Here is an example of how to prepare an income statement from paul s adjusted trial balance in our earlier accounting cycle examples.

As you can see this example income statement is a single step statement because it only lists expenses in one main category. Normally we prepare an income statement for a single month or for a year. Morrison pet supplies company partial income statement for the year ended june 30 2013 sales revenues. However a partial income.

For example a company may have acquired another business in the middle of a month and so only needs the financial results of the acquiree for the remaining days of the accounting period for consolidation purposes. Finished goods inventory july 1 2012 cost of goods manufactured cost of goods available for sale less. Sales discounts net sales cost of goods sold. A partial income statement is a special type of income statement that only reports financial information for a specific period of time.

Partial does not refer to the information provided within the income statement because these income statements typically report all the same information as a full income statement.