what is a profit and loss statement? show example for an S Corporation?
117160
You can get free annual reports from the corporation of your choice.\n\nOrder several then you can compare the various P&L statements.
491285
Unfortunately , under Section 10B(6)(ii)clearly states as below\n   "no loss referred to in sub-section (1) of section 72 or sub-section (1) or sub-section (3) of section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward or set-off where such loss relates to any of the relevant assessment years 72[ending before the 1st day of April, 2001];\n\nSince the loss was incurred up to Asst Yr 2001-02 in you case, no loss as per the scheme of provision shall be allowed.\n    I would say , your company needed tax planning from beginning for tackling such problem.
1023539
I think cost of goods sold is = beginning inventory + purchases - ending inventory.\n\nThen, gross profit is = sales - cost of goods sold.\n\nThen, net profit is = gross profit - operating expenses.
819437
For a trading account you need to show the results of trading ( ie buying and selling of goods ) in order to ascertain the gross profit  or gross loss of your business.\nNow this means you need to use only those transcations which are directly connected with goods.\n\n\nA profit&loss account is prepared after the trading account and it ascertains the net profit and loss for a particular period .\nThe net profit is the surplous you have in your hands after charging against gross profit all the expenses including depreciation and other provisions attributed to normal activities of a business (general expenses).\n\nDeferred payments when related to sales of goods for filing in the trading account is debited . The person who has to give you money is the debtor.\nAnd it is his liability and your asset , \nItll always be added to the debit column\n\nPrepaid items are your liability as you have to provide the customer with your service and is added to the credit column as its an advance payment.\nLast year's debt that just turned bad is added to debit column in the P&L account.\n\nI hope you this is of help to you.\n\nHave a nice day.\n\n:)
256483
probability distribution of various loss amounts\n\namount of surplus and expected profit versus probability of a large loss\n\ncost of reinsurance
51282
Accounting tends to be one of those subjects that you either get it or your don't.  The best advice is to keep practicing the t-table exercises until you find that "A-HA!" threshold.\n\nHere are some basics.\n\nIncome Statement\nNet Sales\n - Cost of goods sold\n   (Labor, Materials, Overhead, Delivery, etc.)\n= Gross Margin\n - Selling, General & Administrative expenses\n= Operating Profit\n - Interest\n= Profit before taxes\n\n\n\nBalance Sheet\nAssets\n Cash\n Investments\n A/R\n Inventories\n PP&E\n\nLiabilities\n A/P\n Long-term debt\n Other liabilities\n Reserves\n\nShareholder's equity\n Common stock\n Retained earnings
153041
Go to a company's website and look for their financial statement.  All companies have a link to their financials for their investors.
281077
opening retained earnings in a profit and loss statement is the accumulated profits or losses from the companys formation up to the start of the current financial year. opening retained earnings plus the profit for the current year equals closing retained earnings at the year end.
262541
it is a profit and loss. what is comeing in and going out. down to the penny. quick books does it for you.
262131
EBITDA = Profits   obtained form the Profit nd Loss statement\nShareholders Equity   ---    from the Balance Sheet (shows the Assets/wealth of the comapny)\nCashflow - showing how liquid the company is\n\nCashflow is very important\n\nOf course these would a projection of 3 to 5 years\n\n\nPS - NOAH's ANSWER IS VERY GOOD AND DESERVES TOP MARKS
255034
It is a summary of all income gained and expenses incurred by a business. The income less the expenses equals profit. If the expenses are higher than the income, it equals a loss.
928481
in accounting terms, red means that the company is in the negative or loss could be over a certiain time period or overall, just depends...hope that helps
1124623
The statement of retained earnings shows the changes in the retained earnings account for the accounting period from operating profits, operating losses, dividends, etc.  It's related to the balance sheet because retained earnings is a balance sheet item.  It's related to the income statement because profits/losses will change the retained earnings account.  Any cash transactions in the retained earnings account will be shown on the cash flows statement.  Hope I didn't miss any!
524431
Otherwise your business cannot grow and you will make a loss!\n\nProfits are good!\n\nLosses are bad!
354091
Gross profit is sales - COGS, so you figure out the profit after the raw goods/direct labor.\n\nNet profit takes into account a whole bunch of other factors.  It's how much the company actually made and can "keep" in the form of retained earnings.\n\n-SG&A\n-interest expense on debt\n-taxes\n-other one-time income or expenses
386940
yes it is a good idea to set up PTY LTD. \n\nNo need at least two people. \n\nits true, profit and loss statement required.
251664
Yes, even though they are not in business for the purpose of making a profit, they aren't there to lose money either. A break-even analysis will show the business how much it needs to sell without going broke. If the business operates below its break-even point, it will be out of business in no time.