Visit SBA Business Plan Template and Urgent Business Forms to familiarize yourself with a range of different business forms.
After reviewing this week's reading, and visiting the web sites that offer additional information about financial statements and balance sheets, you will explain and prepare an income statement.
Complete the following:
In a document totaling a minimum of one page, explain the following parts of an income statement:
Gross profits
Operating expenses
Operating profits
Net profits
Prepare an income statement for a profitable small business. Include at least 10 operating expenses. Use an income tax rate of 25%.