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A Guide to Reading Your Reports

Balance sheet

An overview of your business’s financial position on the day the statement is generated.

Assets – Money in the bank, property, and equipment owned by the company.

Liabilities- Money you owe other people (loans, taxes, rent, etc,)

Equity – Money currently held by the company (retained earnings, operating capital, stock)

Equity – Liabilities = Assets

In other words, Assets are what you actually have to work with.

Your Profit + Loss

A rundown of the money that came in and went out during the month.

Revenue – What you earned from the sale of goods and services.

Cost of Sales – Supplies needed to produce and deliver your product.

Gross Profit – What’s left after you subtract the Cost of Sales from Revenue.

Other Income + Expenses – All other sources of income and costs of doing business; if the number is in parentheses, it is subtracted from Gross Profit.

Net Income – What’s left after you add Other Income and subtract Other Expense items from Gross Profit.

 

 

This post is intended to be used for informational purposes only and does not constitute as legal, business, or tax advice. Please consult your attorney, business advisor, or tax advisor with respect to matters referenced in our content. Xendoo assumes no liability for any actions taken in reliance upon the information contained herein.