Simple Basic Income Statement Format

There are many ways to format an income statement.

Simple basic income statement format. These income statements are often used by both small and large companies. 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. These statements provide a what if account of the company to shareholders and other investors. The income statement is generally a record of income received and expenses incurred over that period.

Income statement format 1. The income statement can either be prepared in report format or account format. 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. The simple pro forma income statement is based on certain present assumptions and projections.

Its purpose is to arrive at the net amount of sales revenue. Cost of goods sold section. Everything you need to know about an income statement is right here. Pro forma is latin meaning for the sake of form which in this case means provided as a standard courtesy.

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. 1 the simplified single step income statement groups all of the revenues and expenses except the income tax expense. There are two income statement formats that are generally prepared. The two examples provided in the template are meant mainly for small service oriented businesses or retail companies.

Simple basic income statement format. A single step income statement is a basic income statement that lists all revenues together followed by all expenses together with net profit or loss as the closing line item. May 1 2015 do you need to see how to format an income statement looking for an example or want to download a free sample template.