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Tips on completing the Profit And Loss Statement

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Steps of Customizing the Profit And Loss Statement

in this video you'll learn what's an.income statement is I'll show you what.it looks like and how you can use it to.measure a business's financial.performance hey there welcome back to.accounting stuff I'm James and in.today's video we're going to cover the.income statement also known as the.profit and loss statement or the P&L for.short this is one of the three major.financial statements in accounting along.with a balance sheet and the cash flow.statement collectively these reports.give us an impression of the business's.financial health so it's important that.we understand how they work I've already.made videos covering the balance sheet.and the cash flow statement which you.can find linked up here and down below.in the description but up until now I.haven't posted a video yet on the income.statement and I've received a lot of.requests from you guys to cover this.topic so thanks for all these.particularly from one subscriber so Nili.if you're watching this video goes out.to you good luck in your exam hope you.crush it an income statement is the.summary of a business's revenues and.expenses over a period of time in his.basic form an income statement looks.like this it's a summary of a business's.revenues and expenses over a period of.time when we take our total revenue and.subtract our expenses from it then we.work out our profit or our loss we make.a profit when our revenues exceed our.expenses and on the flip side we make a.loss when our expenses are more than the.income we've earned this is why the.income statement is also known as the.profit and loss statement or the P&L for.short it lays out a roadmap for how we.ended up here at the bottom line our.profit or loss the income statement.always covers a period of time which.could be anything that we wanted to be.but typically we run it for a month a.quarter or a full year here's a hopeful.analogy that I read in this book the.accounting game which I recommend.reading if you're new to accounting you.can find my review of it up here.back to it if a balance sheet shows us a.snapshot about business's assets.liabilities and equity at a single point.in time then you can think of it as a.photograph or a still frame taken from a.video whereas the income statement.covers a period of time it's like.watching a clip of that video it has a.beginning and it has an end and if we.look at it carefully and analyze it then.it can tell us a story but more on that.later let's take a closer look at our.income statement revenues less expenses.make us a profit or a loss the problem.with this layout is that it doesn't give.us much detail it would be much better.if you made things a little more.descriptive for instance revenue there.are many different types of revenue if.we were running a business that sells.physical products then we might want to.call this product sales instead or if we.provide services we can call this our.services rendered this extra detail.hopes the readers of the income.statement better understand what they're.looking at clarity is that a movie game.here the same goes for expenses.businesses typically incur many.different types of expense but broadly.speaking these can be broken down into.two categories or direct costs of doing.business and are indirect costs of.running the business or direct costs of.doing business are the costs which we.can directly trace through to the.products we've sold or the services that.we've provided for a business that.provides services we might call this our.cost of services and if we sell physical.goods then we can call this our cost of.sales or our cost of goods sold direct.costs like these are variable costs.which increase in direct proportion to.the sales that we've made if you were.running a retail or a wholesale business.then these would include things like the.original purchase price of the product.that you're reselling or if you've run a.manufacturing business then this would.include the cost of your raw materials.or the direct labor cost that went into.producing your product as we make more.sales we incur more.of these direct costs cost of goods sold.can be a bit of a tricky concept to.understand at first it ties in very.closely with inventory in the balance.sheet if you'd like to see me make a.video explaining how all of that works.then let me know down below in the.comments and if you haven't already.remember to hit that subscribe button so.you don't miss out on all of the other.accounting tutorials that we have coming.out very soon back to the income.statement when we take our revenue and.deduct our direct costs of doing.business we get to our gross profit if.you're new to accounting then you'll.soon discover that we have many.different types of profit our gross.profit is a really useful tool that.allows us to measure the efficiency of.our production and sales process I'll.show you how that works in a minute but.first let's jump back to indirect costs.these are the costs of running a.business which can't directly be traced.back to the production of goods or the.provision of services we sometimes call.these overheads overheads can include.fixed costs like rent employee salaries.insurance costs admin expenses legal.costs accounting costs marketing costs.depreciation and amortization for.there's a lot of them fixed costs like.these tend to remain the same they bear.no correlation at all to the sells that.your business has made however not all.overheads are fixed variable overheads.can loosely correlate with a business's.sales although they can't be directly.traced back to the production of goods.or the provision of services these.include things like advertising costs.which can indirectly drive sales and.sales commissions utility costs could.also be considered a variable overhead.in a manufacturing business because.these can increase as we've ramped up.production when we deduct our indirect.costs of doing business from our gross.profit we come to our operating profit.operating profit measures the net income.that we've generated from operations.this is the residual amount that's left.over after deducting all of our direct.and indirect costs of doing business so.this is our basic income statement but.how does it help us measure a business's.financial health it does that by giving.us a means to compare our financial.performance against comparative.accounting periods a comparative period.is a different period of time it can be.whatever we want it to be we can compare.a current month income statement against.last month's income statement or this.year versus last year when we use.comparative periods we can calculate the.change or movement across each line item.down the profit and loss statement and.as accountants it's our job to support.these movements with a narrative which.explains all of the differences let's.throw in some numbers into an imaginary.company and I'll show you what I mean.we'll compare the movements in our P&L.year-on-year this is going to be for a.medium-sized business so we can quote.our numbers in thousands of dollars what.have we got here our imaginary company.has made sales of a hundred and ten.thousand dollars which is up ten.thousand dollars from what we made in.the prior year our cost of goods sold.have also increased by ten thousand.dollars from $30,000 to $40,000 that's.left us with a gross profit of seventy.thousand dollars which has remained.unchanged our overheads are fixed at.forty five thousand which gives us an.operating profit of twenty five thousand.dollars in each period what can we learn.from all of this well our sales have.increased by ten thousand dollars but.our gross profit has remained exactly.the same how can that be a useful metric.that we can use to analyze this is gross.profit margin we can calculate our gross.profit margin by taking our total.product sales and deducting our costs of.goods sold and then dividing the whole.Lots by our product sales this measures.how efficiently we've been producing and.selling our imaginary product in this.case our gross profit margin in the car.here is around 64% which is actually.down from last year's gross profit.margin of 70% how is that possible well.one of two things could be happening.here our sales can be shrinking or our.costs could be rising we could be.selling more products but at a discount.or the cost of our raw materials could.be rising these are the questions that.we need to be asking ourselves as.accountants investors or small business.owners we can compare metrics like the.gross profit margin across comparative.periods to help us identify what.questions we should be asking and then.that's when the work begins we need to.find out the answers and use them to.build a narrative that explains what's.going on gross profit margin is just one.of many business metrics that we can use.to analyze the income statement if you'd.like to see me make videos on the others.let me know now this is still quite a.basic income statement in reality there.are other indirect costs of doing.business which we might need to include.as well things like interest expenses.and tax these tend to slot in the lower.operating profit because they aren't.considered to fall within the normal.cost of operations this is why operating.profit is also known as EBIT or earnings.before interest and tax when we deduct.her interest in tax from our operating.profit we calculate our net profit the.bottom line because it's at the bottom.of the profit and loss statement so you.can see that there are many different.types of profit and loss to consider in.accounting we start off with our revenue.and we deduct our direct costs of doing.business to come to our gross profit of.top-line profit below this we take out.the indirect costs of running our.business to find out operating profit.our EBIT our earnings before interest.and tax and when we remove interest and.tax we calculate our net profit the.bottom line together these different.types of profit help us measure.performance over a period of time the.main goal of most businesses is to.maximize their profits so it's important.to be clear on what that means and to be.aware of the differences between gross.profit.operating profit and net profit which.can each tell us a different part of the.story like I mentioned earlier the.income statement is just one of the.three main financial statements along.with the balance sheet and the cash flow.statement I've made videos covering both.of these already which you can find here.and here if you found this one useful.give it a like or better yet share with.a friend why not don't forget to.subscribe for more accounting tutorials.I'll see you around.[Music].

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Profit And Loss Statement FAQs

Note answers to questions about Profit And Loss Statement. View the most useful topics and more.

Need help? Contact support

What forms do I need to fill out as a first-year LLC owner? It's a partnership LLC.

You need more information than can be provided in a Quora answer. I recommend that you buy the appropriate book (or equivalent online resource) at nolo.com.

Need Help on Pnl: How to make profit and loss statement?

In its basic format a P&L statement shows revenues or sales for a set period of time (typically a month, quarter or year) from revenues you subtract expenses for the same time period including cost of goods sold and all other expenses, including income tax if appropriate to arrive at net income for the period. In actual practice, there are frequently subtotals that are included on a P&L statement. I would suggest you search income statement or profit and loss statement to see examples.

How can I file Form ITR 4 online?

Procedure to file Form ITR 4: Download ITR 4 from E filing website. Select the schedules applicable to you. Fill in the General details like Name,PAN,Dob etc. Go to Profit and loss account and fill the income and fill the expenses. Go to balance sheet fill the bank balance and fill the same amount in capital account. Retrieve previous return filed address. Cross check Form -16A with 26AS Statement. Enter Bank account no and Ifsc code properly. E Verify with Aadhar OTP or Send ITR-V Acknowledgement to CPC Banglore with in 120 days from the date of filing. Above Answer is for Educational purpose only as f Continue Reading

What are the first steps to invest in the Indian stock market? How do you open a Demat account and start buying shares?

For Indian stock market, you need to do the following - 1. First, apply for a PAN (Permanent Account Number) Card. You will need this to open a Demat account. 2. Now you have to apply for a Demat account. Demat stands for dematerialized. It's like a bank account but instead of money we keep shares(in electronic form) in this account. Now to open Demat account you can either go to banks like SBI, AXIS, ICICI or stock broking firms like Karvy, Bajaj Capital etc. There are 4 major fees involved in this process - account opening fees, annual maintenance fees, custodian fees and transaction fees. So Continue Reading

How do I fill out ITR 2, for capital profit/loss?

With the information being provided it is difficult to come at a conclusion and answer your problem specifically. But if you are completely unaware about taxation, it is better to pay a professional than doing all by yourself. Messing up taxes can be a loss if you are unaware about the provisions. It is advisable to pay small amount to a Chartered Accountant to manage your returns. Now a days these services can be provided online. You will not have to go anywhere for that. Acountify- A Virtual Accounting and Taxation Services Provider. For further information email at taxation@acountify.com .

Do I need to fill out a financial statement form if I get a full tuition waiver and RA/TA?

If that is necessary, the university or the faculty will inform you of that. These things can vary from university to university. Your best option would be to check your university website, financial services office or the Bursar office in your university.

How does one create a business plan?

Hey Being the best business planning specialist Canada by profession, I would love to share my views on it. I hope it would be helpful and you will get answers to all your questions in this answer. If you are someone who is starting a new business, then you will need a business plan. A business plan is going to be the roadmap for you – it is going to guide you and other key stakeholders to help you grow your business. In fact, it also works great when it happens to know where your business is heading further. Therefore, having a great business plan at place requires an effective and professional Continue Reading

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