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The Internal Revenue Service requires all businesses to submit this report at the end of each year.  \nPROFIT AND LOSS STATEMENT  \nFrom:   20   to   20    \nSales or Gross Receipts1 .............................................................................. $    \nLess Cost of Goods Sold2 .................................................................................. $    \nGross Profit ...................................................................................................... $    \nLess Operating Expenses3  \nRent ............................................................................  \nDepreciation ................................................................  \nRepairs & Maintenance ...............................................  \nSalaries & Wages .........................................................  \nPayroll Taxes & Fringe Benefits ...................................    \nTaxes, Licenses & Fees ................................................    \nInsurance ....................................................................    \nAccounting, Legal and Professional Fees .....................    \nBad Debts ...................................................................    \nTelephone ....................................................................    \nUtilities .......................................................................    \nSupplies ......................................................................    \nSecurity .......................................................................    \nAuto and Truck ...........................................................    \nAdvertising and Promotion ..........................................    \nInterest .......................................................................    \nMiscellaneous ..............................................................    \nTotal Operating Expenses ............................ $    \nNet Profit Before Taxes4 ............................................................................... $   Federal Income Taxes (Corporation Only) ..................................................... $   Net Profit (or Loss) ....................................................................................... $    \n1 Sales or Gross Receipts – represents total amount of money that the business makes from the sale of its merchandise, less discounts and refunds.  \n2 Cost of Goods Sold – the cost of the merchandise that the business sells. These costs differ with each type of business.  \n3 Operating Expenses – all business costs other than the costs of merchandise.  \n4 Net Profit (Loss)– sales less cost of goods sold less operating expenses.","cbCailxCX0IJzyJo","https://ap.wps.com/l/cbCailxCX0IJzyJo","pdf",72999,"English","# Income Statement (Profit and Loss)\n## From and To Period\n## Income and Deductions\n## Operating Expenses\n## Taxes and Net Profit","[{\"question\":\"What is the purpose of an income statement (profit and loss)?\",\"answer\":\"It records a business’s income and expenses during a specified time period to determine profits and losses.\"},{\"question\":\"How is gross profit calculated on the income statement?\",\"answer\":\"Gross profit equals Sales or Gross Receipts minus Cost of Goods Sold.\"},{\"question\":\"What determines net profit (or loss) on this template?\",\"answer\":\"Net profit (or loss) is computed as sales minus cost of goods sold minus operating expenses, then adjusted for taxes where applicable.\"}]","Income Statement - Sample | PDF"]