Free Income Statement Template for Excel 2007 – 2016
Income is very important when it comes to business and companies. It’s the very foundation of the entire structure of your work and therefore, should be handled with proper care. Now this free income statement template is very important because it basically supplies you with the summary of the finances such as revenues and expenses in order for you to see the full picture of your performance.
With our free income statement template, you’ll be able to determine the net income of your company by differentiating the total expenses and the total income. This is highly encouraged when it comes to managing businesses and companies.
Income Statement Template
Use for Excel, OpenOffice, and Google Sheets
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The income statement template has a very structured and relatively easy format to understand, especially when it comes to the information and details enclosed in the document within. It’s structured that way so that all categories will be put on one side and the corresponding details will be added on the other side of document. That way, it won’t be hard for the people reading it to understand. The first thing you must do in this template is to add in the company name, which can be found at the top left portion of the template and then what follows next will be the dates, especially when the template begins and when it ends. This is very good in helping you keep track of when this template was issued, therefore, avoiding a lot of confusion.
In this income statement template, there are several sections and categories that you must follow through in order to fully achieve the purpose of this document. The top categories that follow are revenue, cost of goods sold, and expenses. Within these categories, you’ll find another set of details which you must provide. In the revenue, you have to add in the gross sales and sales returns, allowances and discounts. In the costs of good sold, the details include beginning inventory; goods purchased or manufactured total goods available, ending inventory, costs of goods sold. After this will be a total gross profit (loss). Now in the expenses area, you have several subsections which you’ll adding in your data later afterwards.
The first subsection is the selling expenses, which has a minor breakdown of the details such as sales salaries, warranty expenses, depreciation, and other selling equipment with the total selling expenses. The second subsection is the general and administrative expenses, which requires details concerning the administration salaries, rent expenses, depreciation, other expenses and the total operating expenses afterwards. After the second subsection will be a couple more minor details such as the operating income, income before interest and tax, income before tax, income from continuing operations and then the total net income. This template is surely a must when it comes to keeping tracking of your net income, which is very vital for businesses and companies.