Income and Balance Sheet
The Income Statement (P&L, or profit and loss) and Balance Sheet are financial reports that show the activity of the business. The Income Statement is a sales activity worksheet that shows sales dollars (revenue) and how much goods cost the company (cost of goods sold). The Income Statement also includes other expenses of business functions. The result is called "net profit," sometimes entitled "the bottom line." This bottom line figure (net profit) is then handed over to the Balance Sheet as equity (what it is worth). The Income Statement has a period of time associated with it. For example: January 1 to December 31. The time period can be any date range less than a year.
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The Balance Sheet is a single report which takes a snapshot in time to make sure everything was recorded in the report, and ensures all revenue has been attributed correctly. The Income Sheet needs to run the information first as it feeds the Balance Sheet. If all the assets, liabilities, and equity have been recorded correctly, the Balance Sheet will be in balance. If a figure is missing or has not been recorded, the figures on the Balance Sheet will reflect the difference.
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Company address
Adilas, LLC
517 Bake Street
Salida, CO 81201
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