A corporation that is a small business must prepare a profit and loss statement each year. The IRS requires this statement to assess taxes, and the owners need it to determine whether the company is ...

A basic understanding and ability to analyze a company's profit and loss statement, also known as an income statement, is an essential skill for any investor. The profit and loss statement is an ...

Editor’s Note: This post is focused on helping you understand profit and loss statements. This financial statement is used by most small business owners to help assess business profits and losses ...

Every company produces three important financial reporting documents when the fiscal period comes to a close: the balance sheet, cash flow statement, and the profit and loss statement. Among these, ...

At some point, you’ve probably heard the phrase, “It takes money to make money.” But if you’re not careful, it’s easy for expenses to spiral out of control — and you could end up making little to no ...