Income Statement For The Year Ended

For example an income statement may cover any one of the following time periods.

Income statement for the year ended. Year ended may 31 five months ended may 31 quarter ended may 31 month ended may 31 or five weeks ended may 31. An income statement usually covers a full year. A regular 12 month accounting period does not necessarily have to begin on the first day of the year and end on the last. An income statement also known as a profit and loss statement shows revenue and expense over a period of one year.

An income statement is one of the three major financial statements that reports a company s financial performance over a specific accounting period. Here is a sample income statement of a service type sole proprietorship business. All income statements have a heading that display s the company name title of the statement and the time period of the report. Prepare the statement of cash flows for the year ended december 31 2017 using the indirect method.

B prep are a balance sheet as at 31. Would have the following heading. Accounting periods can run for example from march 1st to february 28th or july 1st to june 31st etc. The following balances are taken from the books of george anderson at the end of his first year trading on 31 december 2014.

For the year ended december 31 2019. For many businesses their fiscal year mirrors a calendar year and ends on december 31 but just as many businesses use a custom fiscal year that ends in some month other than december. Let us name the company strauss printing services all amounts are assumed and simplified for illustration purposes. Income statement for the year ended december 31 2017 revenues.

The choice of the accounting period rests with the enterprise itself. A prepare income statement for the year ended 31 december 2014. For example an annual income statement issued by paul s guitar shop inc. If there are multiple revenue accounts you need to list them down and take the sum total of all revenues.

For the year ended december 31 2015. Since income statements can be prepared for any period of time you must inform the reader of the precise period of time being covered. Report all expense accounts. Use this accessible template to create an income statement.

Year quarter ended september 30. The following additional information is available. A year end income statement presents a summary of a company s revenue and expenses for the 12 months prior to the end of a fiscal year.