Income Statement Template and What to Write Inside It
Do you ever hear about the income statement template? Well, the income statement is one of the key financial statements that is used by all companies. From small to large business, they use this kind of document to support the mechanism of business.
Here, the income statement will provide the clear picture of the overall financial status of the company. In other hand, the income statement is also useful in order to be used as the tool for analysis, planning and the decision making.
In this occasion, we will talk about the detail of income statement template with some information inside it to understand. For those who are curious with the detail of this document, please take a sit and read some following writings below.
Types of Income Statements
Something to understand inside the income statement is the types of it. Yes, there are some types of the income statements, which are available. The kinds of the income statement will be useful in order to help you finding the most appropriate document to apply.
Some types of this income statement to know are:
- Simple or basic income statement
The first type of income statement is the simple or basic income statement. This document is called as the simple statement because it may only include income, expenses and the net profit. For the small business, the basic income statement is used as the internal reporting.
- Single-step income statement
The single-step income statement includes in the kind of the simple income statement. Here, the income statement lists the revenues together, followed by the expenses together with the net profit. This statement is used by the small and large companies.
- Multi-step income statement
The next kind of income statement is the multi-step income statement. As its name, this kind of income statement is more complex than the previous single-step income statement. However, this income statement also provides the overview of financial position of company.
Inside this income statement, the operating and the non-operating activities will be listed separately. The detail of gross profit, operating income, non-operating income and the net income balancing figures will be listed in the individual line items.
- Pro forma income statement
The next kind of the income statement is the pro forma income statement. It is the type of statement that is based on the possibilities of the projection. The companies often use this kind of income statement to forecast what may happen in anticipation of an event.
- Common size income statement
The common size income statement is a kind of statement that is used to analyze how each separate item inside the income statement will affect the overall profit of the company. Each account is shown as percentage of the total value.
- Contribution margin income statement
The contribution margin income statement is the unit price minus all associated variable costs per unit. Here, the company will use this kind of income statement ini order to write about the available pay for the fixed expenses.
Well, that is all about the income statement that I want to show. You may do some researches in order to find the right kind of income statement template.
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