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

Let's prepare a profit and loss statement using the sales forecast developed earlier. The sales figures will give us our "top line", i.e. the total revenue (or "Gross Revenue") that we might be able ...

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 ...