Overview
This Detailed Income Statement Template was created for a Landscaping Irrigation Lighting Company, but can easily be adapted to a variety of businesses. It is a simple template and can be used by small business owners to create their own' income statement. This income statement details the revenue streams that compose total revenue, and the main expenses that make-up Cost of Goods Sold (COGS). The detailed breakdown of these two line items, help analysts and the business owner to determine what are the mains sources of revenue, and top expense sinks. In other words, the main contributors that affect the business' gross margin ratio. Another line item that is also broken down is total overheads. Overhead costs are the necessary costs of running the business, but that can not be attributed to any of the specific products or services being offered. Good examples of overhead costs are travel costs, rent, insurance, accounting expenses, etc. A diligent business owner will have all of his expenses tracked and recorded, to ensure that his operations are as efficient as possible. This detailed income statement template seeks to breakdown the main line items that affect business operations. It focuses on breaking down the main operating line items of revenue, COGS and overhead costs. It is not prepared using any specific accounting standard, rather it focuses on documenting the main business activities. This detailed breakdown could be applied to other line items of the income statements as well. The Income Statement also is known as the Profit and Loss (P&L) statement. It aims to look at the change in the financial position of the company by detailing the revenues, expenses, and profits of the company. The statement's first line item is typically total sales (revenue) and subsequent line items are expenses that need to be deduced to arrive at net income. Thank you for Downloading the detailed income statement template.
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