Partial Income Statement Sample

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.

Partial income statement sample. A from the company s balance sheet at april 30 april 30 ending balance is the same as may 1 beginning balance. Let s take a look at a multi step income statement example. C this is actual manufacturing overhead for the period and includes indirect materials indirect labor factory rent factory utilities and other factory related. 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.

Partial income statement for manufacturing company. Now we provide this standardized corporation partial income statement template with text and formatting to help you finish your document faster. Finished goods inventory june 30 2013 cost of goods sold gross profit. Figure 1 7 income statement schedules for custom furniture company.

B from the company s balance sheet at may 31. Compute gross profit total sales cost of goods sold step 2. A partial income statement reports information for only part of a normal accounting period this tends to be a special purpose document that is only used once. 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.

As you can see this multi step income statement template computes net income in three steps. This financial statement can also be used to track revenue and expenses to plan annual budgets and sales projections along with determining what areas of the business are over budget or under budget. A partial income statement is a special type of income statement that only reports financial information for a specific period of time. The partial income statement helps to find details about the particular portion of respective income statement.

Morrison pet supplies company partial income statement for the year ended june 30 2013 sales revenues. Finished goods inventory july 1 2012 cost of goods manufactured cost of goods available for sale less. Normally we prepare an income statement for a single month or for a year. Sales discounts net sales cost of goods sold.

Compute income from operations gross profit operating expenses. 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. Of course it shows revenues and complete details of goods sold within the gross margin. Examples of service businesses are medical accounting or legal practices or a business that provides services such as plumbing cleaning consulting design etc.