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Video instructions and help with filling out and completing Profit and loss statement for small business pdf
If you want to understand your company's profitability then you need the income statement the income statement shows you your profitability for a period of time it could be a day it could be a week a month could be an entire quarter or a year for most small businesses you're going to be looking at your income statement over the period of a month and then you'll be sitting down with your accountant at the end of the year to look at the entire year the income statement calculates profitability by adding up all of your sales in the period and then subtracting all of your expenses in the period sales minus expenses is equal to net income if net income is positive you're profitable if net income is negative then you suffered a loss and you're not profitable let's such let me show you a quick example let's say that in January we had a total sales of $10,000 and that all of our expenses added up to $8,500 if we subtract the 8500 from 10,000 we'll end up with a net income of $1,500 which because it's a positive number means that we've been profitable alright so just before we go into showing you what a loss might look like a couple of things to make this income statement look a little bit better anytime we have a mathematical I function like it adding some numbers or subtracting one number from another we put a single line which means here that the 10,000 gets subtracted from the 8500 in order to equal the 1500 and then at the bottom of any financial statement the last number has two lines underneath it a double underline and now let's see what happens when our expenses are greater than our sales sales of 10,000 let's say expenses were 12,000 we're going to do some mathematics here 10 minus 12 is equal to minus mm with a double underline that shows a loss thing sometimes losses aren't shown with a minus sign in front of them sometimes they're shown with brackets and that means exactly the same thing sales expenses net income so far so good all right onto the next video.