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Income Statement Example Excel is a great way to present a business and its financial statements. It helps simplify the process and presents the information in a more clear and easy to understand format.
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As you can see, the financial statements that you will see when you use this software are very similar to what you will see on your tax returns. It does require some additional work, but it is worth it in the end. Many tax professionals have chosen this software as a way to properly present their business’ financial statements and look professional.
To successfully perform an income statement example, you first must identify your business. Next, you need to know how much money you expect to make. Then, you need to determine the expense ratio. This tells you how much of your revenue goes towards overhead costs and how much goes towards the actual sales of your business.
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Once you know how much income your business has, you can now start performing an income statement example. To do this, you will first need to open a new Excel spreadsheet. Then, enter the following information:
The next step is to determine how much profit your business has earned. To do this, you need to divide your profit by your expenses to determine the amount of profit you are currently earning per month. Your spreadsheet should show you the current percentage you are making.
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If you have three people who each work ten hours per week, your income statement will look like this:
You will then need to divide your income by the number of employees you have to determine the average salary for all employees. Your income statement should now look like this:
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The last step in income statement example Excel is to find out your total cost of goods sold (COGS). Once you know how much you spend on overhead, rent, utilities, employee benefits, insurance, and taxes, you can then calculate your actual COGS for the year. Your income statement should now look like this: