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Profit & Loss
A profit and loss statement (P&L) is a financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time, usually a month, fiscal quarter or year. These records provide information about a company's or property's ability – or lack thereof – to generate profit by increasing revenue, reducing costs, or both. The P&L statement is also referred to as "statement of profit and loss", "income statement," "statement of operations," "statement of financial results," "operating statement," and "income and expense statement."
Example profit and loss statement
| Total revenue | $ | 1,000,000 | 100% | |
| Less | Cost of Goods Sold | $ | 426,200 | 42.6% |
| Gross Profit | $ | 573,800 | 57.4% | |
| Less | Expenses | |||
| Accounting and legal fees | $ | 11,700 | ||
| Advertising | $ | 15,000 | ||
| Depreciation | $ | 38,000 | ||
| Electricity | $ | 2,700 | ||
| Insurance | $ | 15,200 | ||
| Interest and bank charges | $ | 27,300 | ||
| Postage | $ | 1,500 | ||
| Printing and stationery | $ | 8,700 | ||
| Professional memberships | $ | 1,800 | ||
| Rent for premises | $ | 74,300 | ||
| Repairs and maintenance | $ | 21,100 | ||
| Training | $ | 6,900 | ||
| Vehicle operating costs | $ | 20,000 | ||
| Wages and salaries | $ | 223,500 | ||
| Workers compensation | $ | 6,500 | ||
| All other expenses | $ | 14,100 | ||
| Less | Total Expenses | $ | 488,300 | 48.8% |
| Equals | Net Profit (BOS) | $ | 85,500 | 8.6% |