Financial statements are essential as they help in accurately presenting the financial position of an individual or company. In specific, income statements are one of the most essential. Why? Because it highlights the sales, profit and loss, and every expense. So, if you are still in need of income statements, then you’re on the right site. Scroll down and read on to know more about this significant financial form!
FREE 13+ Income Statement Samples and Templates in PDF | MS Word
Be it a multi-step income statement or one that’s intended to project the income of your company; we have it all below. Just choose, click the download button, and edit the contents of your chosen template as you please. It’s that easy! You can even send the template online or print it out to have a physical copy of the statement. Scroll down to view our samples:
1. Multi-Step Income Statement Template
2. Retail Income Statement Format
3. Comprehensive Income Statement Format
4. Income Statement Template
5. Financial Income Statement Template
6. Comprehensive Income Statement Format
8. Format of Comprehensive Income Statement
9. Consolidated Income Statement Format
10. Projected Income Statement Template
11. Retail Income Statement Sample
12. Income Statement Format Template
13. Income Statement in PDF Format
14. Annual Income Statement Format
How to Make Efficient Income Statements
Income statement formats and layouts, regardless of the organization or company who will use the form, are the same. Only the colors, designs, and specific amounts vary, but the types of data and information to document are all entirely similar, such as the gross profit and revenue. Also, income statements can either be cash or accrual, according to Bill Spehard Consulting bookkeeping consultation provider. Nonetheless, the following tips will surely be of great help for you if you are going to be making income statements, either for personal use or company use:
1. Know the Regulations of Your State and Country
Each state and country have varying rules and regulations about the creation and contents of income statements. So, it’s best that you know what your state requires for you to abide in it completely. Also, you must know the frequency of when you are going to be publishing your income statements as per the state’s regulations. For instance, some require monthly, while others mandate a quarterly basis.
2. Determine What Type of Income Statement You Will Need to Make
There are many types of income statements, but the ones that the state requires are stand-alone and consolidated income statements. In specific, if you will be publishing the income statement as a single entity, then the one that you will have to make is a stand-alone income statement. On the one hand, consolidated income statements are for corporations, agencies, or companies.
3. Enlist and Make a Draft of What You Will Be Disclosing in the Income Statement
Plotting your income statement without a prior plan will only cause you more trouble than harm. So, it’s best that you first list down what details or types of financial information you will be disclosing, and then you can proceed to make a draft of your statement form. Once you’re done with the draft, you can go ahead and review its contents to ensure that you are not missing something and that all details are accurate.
Lastly, you must ensure that the financial information you are plotting into the income statement of your company are well-organized so that it will be easy to relay and communicate when necessary.
What are the essential components that I must put in my income statement?
Some of the essential components to put in your income statement would be your revenue, cost of goods sold, gross profit, operating expenses, and operating income. There are also some components that your state may require; therefore, you must get the aid of legal financial and accounting agencies of your state.
Are income statements and statement of profit and loss forms the same?
Yes, they are the same documents, but with different titles. Their formats, however, differ since the statement of profit and loss forms focuses mainly on two categories: income and expenses. In contrast, income statements will have different sub-categories for every income accrued by the company or entity. On the one hand, there are also some who prefer to use the term “earnings statement” since it’s more generalized and mainly highlights what the entity earned throughout a specific period.
Should I share the income statements of my company to my shareholders?
Yes, you have to share the income statements of your company. Why? Because transparency is essential in developing a company and reaching its success. So, you should make your shareholders be aware of any financial statement, records, financial reports, and the overall financial state of your company.
Indeed, income statements pose a significant role in maintaining and determining the financial state of an entity or company. But, these statement forms will not be the only documents needed, since there are still other forms to use. Some of the essential financial statement forms include balance sheets, cash flow statements, and equity statements. But, don’t worry if you don’t have the above-mentioned documents on hand, for we have some sample forms and templates for you. And the best part is, we give these to you for free with editable and printable features. So, what are you waiting for? Get a hold of every financial and income statements that you will be needing as an entity now!
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