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Instructions regardingHuman Services Profit And Loss Statement Form

in this video you'll learn what's anincome statement is I'll show you whatit looks like and how you can use it tomeasure a business's financialperformance hey there welcome back toaccounting stuff I'm James and intoday's video we're going to cover theincome statement also known as theprofit and loss statement or the P&L forshort this is one of the three majorfinancial statements in accounting alongwith a balance sheet and the cash flowstatement collectively these reportsgive us an impression of the business'sfinancial health so it's important thatwe understand how they work I've alreadymade videos covering the balance sheetand the cash flow statement which youcan find linked up here and down belowin the description but up until now Ihaven't posted a video yet on the incomestatement and I've received a lot ofrequests from you guys to cover thistopic so thanks for all theseparticularly from one subscriber so Niliif you're watching this video goes outto you good luck in your exam hope youcrush it an income statement is thesummary of a business's revenues andexpenses over a period of time in hisbasic form an income statement lookslike this it's a summary of a business'srevenues and expenses over a period oftime when we take our total revenue andsubtract our expenses from it then wework out our profit or our loss we makea profit when our revenues exceed ourexpenses and on the flip side we make aloss when our expenses are more than theincome we've earned this is why theincome statement is also known as theprofit and loss statement or the P&L forshort it lays out a roadmap for how weended up here at the bottom line ourprofit or loss the income statementalways covers a period of time whichcould be anything that we wanted to bebut typically we run it for a month aquarter or a full year here's a hopefulanalogy that I read in this book theaccounting game which I recommendreading if you're new to accounting youcan find my review of it up hereback to it if a balance sheet shows us asnapshot about business's assetsliabilities and equity at a single pointin time then you can think of it as aphotograph or a still frame taken from avideo whereas the income statementcovers a period of time it's likewatching a clip of that video it has abeginning and it has an end and if welook at it carefully and analyze it thenit can tell us a story but more on thatlater let's take a closer look at ourincome statement revenues less expensesmake us a profit or a loss the problemwith this layout is that it doesn't giveus much detail it would be much betterif you made things a little moredescriptive for instance revenue thereare many different types of revenue ifwe were running a business that sellsphysical products then we might want tocall this product sales instead or if weprovide services we can call this ourservices rendered this extra detailhopes the readers of the incomestatement better understand what they'relooking at clarity is that a movie gamehere the same goes for expensesbusinesses typically incur manydifferent types of expense but broadlyspeaking these can be broken down intotwo categories or direct costs of doingbusiness and are indirect costs ofrunning the business or direct costs ofdoing business are the costs which wecan directly trace through to theproducts we've sold or the services thatwe've provided for a business thatprovides services we might call this ourcost of services and if we sell physicalgoods then we can call this our cost ofsales or our cost of goods sold directcosts like these are variable costswhich increase in direct proportion tothe sales that we've made if you wererunning a retail or a wholesale business1then these would include things like the1original purchase price of the product1that you're reselling or if you've run a1manufacturing business then this would1include the cost of your raw materials1or the direct labor cost that went into1producing your product as we make more1sales we incur more1of these direct costs cost of goods sold1can be a bit of a tricky concept to1understand at first it ties in very1closely with inventory in the balance1sheet if you'd like to see me make a1video explaining how all of that works1then let me know down below in the1comments and if you haven't already1remember to hit that subscribe button so1you don't miss out on all of the other1accounting tutorials that we have coming1out very soon back to the income1statement when we take our revenue and1deduct our direct costs of doing1business we get to our gross profit if1you're new to accounting then you'll1soon discover that we have many1different types of profit our gross1profit is a really useful tool that1allows us to measure the efficiency of1our production and sales process I'll1show you how that works in a minute but1first let's jump back to indirect costs1these are the costs of running a1business which can't directly be traced1back to the production of goods or the1provision of services we sometimes call1these overheads overheads can include1fixed costs like rent employee salaries1insurance costs admin expenses legal1costs accounting costs marketing costs1depreciation and amortization for1there's a lot of them fixed costs like1these tend to remain the same they bear1no correlation at all to the sells that1your business has made however not all1overheads are fixed variable overheads1can loosely correlate with a business's1sales although they can't be directly1traced back to the production of goods1or the provision of services these1include things like advertising costs1which can indirectly drive sales and1sales commissions utility costs could1also be considered a variable overhead1in a manufacturing business because1these can increase as we've ramped up1production when we deduct our indirect1costs of doing business from our gross1profit we come to our operating profit1operating profit measures the net income1that we've generated from operations1this is the residual amount that's left1over after deducting all of our direct1and indirect costs of doing business so1this is our basic income statement but1how does it help us measure a business's1financial health it does that by giving1us a means to compare our financial1performance against comparative1accounting periods a comparative period1is a different period of time it can be1whatever we want it to be we can compare1a current month income statement against1last month's income statement or this1year versus last year when we use1comparative periods we can calculate the1change or movement across each line item1down the profit and loss statement and1as accountants it's our job to support1these movements with a narrative which1explains all of the differences let's1throw in some numbers into an imaginary1company and I'll show you what I mean1we'll compare the movements in our P&L1year-on-year this is going to be for a1medium-sized business so we can quote1our numbers in thousands of dollars what1have we got here our imaginary company1has made sales of a hundred and ten1thousand dollars which is up ten1thousand dollars from what we made in1the prior year our cost of goods sold1have also increased by ten thousand1dollars from $30,000 to $40,000 that's1left us with a gross profit of seventy1thousand dollars which has remained1unchanged our overheads are fixed at1forty five thousand which gives us an1operating profit of twenty five thousand1dollars in each period what can we learn1from all of this well our sales have2increased by ten thousand dollars but2our gross profit has remained exactly2the same how can that be a useful metric2that we can use to analyze this is gross2profit margin we can calculate our gross2profit margin by taking our total2product sales and deducting our costs of2goods sold and then dividing the whole2Lots by our product sales this measures2how efficiently we've been producing and2selling our imaginary product in this2case our gross profit margin in the car2here is around 64% which is actually2down from last year's gross profit2margin of 70% how is that possible well2one of two things could be happening2here our sales can be shrinking or our2costs could be rising we could be2selling more products but at a discount2or the cost of our raw materials could2be rising these are the questions that2we need to be asking ourselves as2accountants investors or small business2owners we can compare metrics like the2gross profit margin across comparative2periods to help us identify what2questions we should be asking and then2that's when the work begins we need to2find out the answers and use them to2build a narrative that explains what's2going on gross profit margin is just one2of many business metrics that we can use2to analyze the income statement if you'd2like to see me make videos on the others2let me know now this is still quite a2basic income statement in reality there2are other indirect costs of doing2business which we might need to include2as well things like interest expenses2and tax these tend to slot in the lower2operating profit because they aren't2considered to fall within the normal2cost of operations this is why operating2profit is also known as EBIT or earnings2before interest and tax when we deduct2her interest in tax from our operating2profit we calculate our net profit the2bottom line because it's at the bottom2of the profit and loss statement so you2can see that there are many different2types of profit and loss to consider in2accounting we start off with our revenue2and we deduct our direct costs of doing2business to come to our gross profit of2top-line profit below this we take out2the indirect costs of running our2business to find out operating profit2our EBIT our earnings before interest2and tax and when we remove interest and2tax we calculate our net profit the2bottom line together these different2types of profit help us measure2performance over a period of time the2main goal of most businesses is to2maximize their profits so it's important2to be clear on what that means and to be2aware of the differences between gross2profit2operating profit and net profit which2can each tell us a different part of the2story like I mentioned earlier the2income statement is just one of the2three main financial statements along2with the balance sheet and the cash flow2statement I've made videos covering both2of these already which you can find here2and here if you found this one useful2give it a like or better yet share with2a friend why not don't forget to2subscribe for more accounting tutorials2I'll see you around2

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Human Services Profit And Loss Statement Form FAQs

Here are the answers to some common queries regarding Human Services Profit And Loss Statement Form. Let us know if you have any other questions.

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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.

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 useful is a profit and loss statement to different stakeholders?

Anyone who cares about the continued existence of a business should want to regularly review both the Profit or Loss statement and the Balance Sheet. One is not enough. The P/L will tell you if the business is making or losing money. The balance sheet will tell you if the business has enough cash to continue operating. For example, you have a business that deals with a small number of very large orders. With minimal expense you’ve just landed a huge sale that will make your business profitable for the next 12 months. Your Proft or Loss statement looks great. Unfortunately, you won’t be paid for that sale for 6 months and according to your Balance Sheet, you’ll have long since run out of cash by then. This is why stakeholders should be looking at both. And of course, they will also need to know what credit the business has available to it to cover the gaps for exactly the kind of circumstance I described above.

What do I do when the prior years’ profit and loss statements were not closed out to retained earnings?

You have one of two options, which depend upon the magnitude of the error and a judgement call. If you are well into the current year and discover an immaterial error, I would just flush it through the current year and not disrupt the prior year. You could charge it to a non-operating expense type called “Prior Year Adjustment,” so that current period is not diluted in a non-obvious way. If the adjustment is material, you may have to re-open the books last year, book the adjusting journal entry, then re-rolled your new beginning balances (for the current calendar or fiscal year) forward. Whether you choose to do this is a senior financial management decision (CFO). If you’re a publicly-traded company in the US, you’ll have to file an amendment to your 10-K filing (10-K/A) and file amendments to any already-filed state and federal income tax returns. It’s kind a big deal, unpleasant and a whole lot of work.

How much will it cost me per year a good accountant based in Hong Kong to take care of my bookkeeping, year audit reports, profit & losses statements, balance sheets, tax computation and filling, if I don't sell products/services to HK?

A few hundred US dollars should be plenty to make sure that you've filed the required paperwork. The other things is that if you are not doing business in HK the tax computation is going to be easy. It's zero.

To find out the value of a business’ assets, would the owner look at cash flow statement, balance sheet, profit and loss account, all of these?

Not exactly sure what you mean by this question - the value of business assets are listed at a Balance Sheet level, but to find out the value of the business assets you would need to examine the original purchase price (from the purchase receipts) minus any depreciation that has already been deducted from the asset’s value. If these figures are not available, then you will need to employ the services of a Quantity Surveyor to examine and calculate the current depreciated value of the assets. I hope this helps.

How do you read the profit and loss statement of a company to understand from an investor’s point of view?

Simple, first check REVENUE (consolidated) year on year, check whether growing or not. Then check profit, and check whether growing or not. If there is growth, calculate growth %. To know more, contact us.

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