Set up a template for a service-based business as a table and fill in the appropriate figures for each month (as indicated by the line "row listing each month"). If you have product-based business you may add categories where necessary or leave out any to adapt this template to your business.
INCOME STATEMENT
Income Statement for the year ending _____________
REVENUE
1. Revenue: Services
1.1. Service 1
1.2. Service 2
1.3. Service 3
1.4. Total Revenue: Services
2. Revenue: Miscellaneous
2.1. Bank Interest
2.2. Total Revenue: Miscellaneous
3. Total Revenue
EXPENSES
1. Direct Costs
1.1. Materials
1.2. Equipment Rentals
1.3. Salary (Owner)
1.4. Wages
1.5. EI Expense
1.6. CPP Expense
1.7. WCB Expense
1.8. Total Direct Costs
2. General and Administration
2.1. Accounting and Legal Fees
2.2. Advertising and Promotion
2.3. Bad Debts
2.4. Bank Charges
2.5. Depreciation and Amortization
2.6. Insurance
2.7. Interest
2.8. Office Rent
2.9. Telephone
2.10. Utilities
2.11. Credit Card Commissions
2.12. Credit Card Charges
2.13. Total General and Administration
3. Total Expenses
4. Net Income before Income Taxes
5. Income Taxes
6. Net Income
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