Gordon B. Baty said: “Accounting is a language, a means of communicating among all the segments of the business community. If you don’t speak the language of accounting or feel intuitively comfortable with the accounting model, you will be at a severe disadvantage in the business world. Accounting is a fundamental tool of the trade.”  Whether you are an amateur or an experienced person in the corporate world, having an income statement and balance sheet is helpful in your business. In this article, here are some guides about creating an income statement and balance sheet, along with downloadable financial statement samples to assist you. Keep on reading!

FREE 10+ Income Statement and Balance Sheet Samples

1. Income Statement Template

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2. Balance Sheet Template

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3. Financial Income Statement and Balance Sheet

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Size: 353 KB

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4. Reformulation of Balance Sheet Income Statement

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Size: 1 MB

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5. Balance Sheet Cash Flow Income Statement

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Size: 282 KB

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6. Bank Balance Sheet and Income Statement

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Size: 253 KB

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7. Composite Balance Sheet and Income Statement

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Size: 600 KB

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8. Professional Income Statement and Balance Sheet

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Size: 140 KB

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9. Consolidated Balance Sheet and Income Statement

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Size: 602 KB

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10. Combined Balance Sheet Income Statement

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Size: 1 MB

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11. Balance Sheet and Income Statement

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Size: 85 KB

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What is an Income Statement and Balance Sheet?

An income statement typically presents a particular company’s total revenues and expenses for a certain period of time. On the other hand, a balance sheet is a simple overview of important information about a person’s business firm or company, specifically the assets and liabilities a company holds. Both of these documents provide a simple, and concise summary of an organization’s financial performance that can be utilized as references for different kinds of purposes.

How to Create an Income Statement and Balance Sheet

Based on the book “Financial Statements”, you need to understand accounting and financial reporting for you to be effective and successful in business. A fact sheet is one of the financial reports that you need to be familiar with as it is made for internal reporting. Also, you must incorporate data analysis on business growth and other key metrics in your financial statements. In this section, we provide some useful tips that you can learn and apply in creating an income statement and balance sheet: 

1. Construct an attention-grabbing headline

To write an attention-grabbing headline for your income statement and balance sheet, you need to learn and understand your target audience. If you’re struggling in your headline, write several kinds of headlines and try reading them out loud. Choose the title that has the most essential advantage. Plus, include the product or service of your company in the headline.

2. Write a clear overview of the company info

When your headline has successfully grabbed the readers’ interest, the first paragraph should contain a clear overview or the essential gist of the company’s income statement and balance sheet. It should capture the most significant information and it must be concise and highly readable. The paragraph must be no longer than six to eight sentences. When you’re done with the summary draft, read it repeatedly and make some couple of revisions if necessary. 

3. Describe your product and services 

In this part, state the most sufficient facts that will certainly intensify your reader’s curiosity in knowing your company more. Explain the benefits of your brand to their lives by providing highlighted points about the products and services of your business. We recommend that you incorporate some graphs to present metrics and insert images or icons to describe features.

4. Present the business metrics 

Create a list of the financial performance of your company’s product launches, sales and revenue, etc. By doing this, both your business and your stakeholders obtain a sense of understanding about your organization’s current progress and it adds credibility to your business and product. Provide a table to show more detailed dates and metrics of your company’s financial performance.

FAQs

What are the different types of financial statements?

The different types of financial statements are statement of financial position, income statement, statement of cash flow, statement of change in equity, and many more. 

What is the importance of a balance sheet and income statement?

A balance sheet and income statement are important for various kinds of business firms because both of these documents present the overall financial performance and condition of a company. In his way, managers will know whether they will need to plan and implement corrective actions and necessary solutions to raise or stabilize a company’s financial status.

What a fact sheet looks like?

A fact sheet contains all the integral information, facts, and figures about a specific topic according to the charts, images, files, and many more. Fact sheets typically present the company overview, product information, statistics, technical data, company milestones, business key metrics, lists, educational material, and many more.

How to make a one page fact sheet?

You should use a 10-14 point font. Start with the words “Fact Sheet” and write a clear and simple headline that describes the theme of the page. Use bullets if necessary and leave several white spaces. Then, use bolding, text boxes, and graphics to emphasize main points.

 

Creating an income statement and balance sheet for your business is very integral in terms of enhancing the value and impression of your overall brand identity. Most importantly, it is helpful in supporting your business’ growth and development as it surpasses diverse possibilities. If you’re currently searching for some inspiration in making an income statement, balance sheet,  or information sheet, we provide you some downloadable and printable income statement and balance sheet samples here in different types of formats. Click the financial statement templates in this article and start downloading now!

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