Income statement is one of the most important statements along with the Statement of Financial Position (commonly called as Balance Sheet) and Cash Flow Statement.ĬOMMONLY HEAD OF ACCOUNTS IN INCOME STATEMENT IMPORTANT NOTE: We have designed free Monthly Income Statement & Annual Income Statement where you just need to put your figures in yellow cells and see the Horizontal/Vertical Analysis and nice graphs.ĭownload Annual Income Statement in Excel Free Download Download Monthly Income Statement in Excel Free Download The simple format of income statement is re-produced below for my favorite restaurant business. Technically, the income statement is coherent and logically presentation of income and expenses of a business. The simple formula for calculating the income statement is to subtract all the expenditures from the income. The income statement can be prepared for any period including monthly, quarterly, half yearly or annually. In other words, this statement tells story about how much the business has earned over a specific period. The income statement tells story about the operations of a business and indicates how profitable a business has been over a certain period. Some businesses call it income statement in the common, while others call it the “Income and Expenditure Account”. So, the income statement is basically a statement that tells the story about the organization income and expenditure. The explains the Statement as a sentence that tells the reader a fact or idea about a single topic. METHOD OF PREPARATION OF INCOME STATEMENT.COMMONLY HEAD OF ACCOUNTS IN INCOME STATEMENT.After reading this article, you should be apple to learn:

Monthly income and expenditure template