Accumulate all expense and revenue records throughout the month and turn them into a profit-and-loss statement, also called a financial statement or a statement of earnings. Gather carrier ...

This is the final part of the profit and loss account. If the net profit figure is negative, the business has made a loss.

Also referred to as a profit and loss statement. By combining these elements, the income statement illustrates just how much income your company makes or loses during the year by subtracting cost ...