A basic income statement delivers the basic income of an organization comprising of all the substantial gains. It is a simplistic overview of the basic operations conducted in the firm that contribute to the basic income of the firm. It should be scrutinised at length and approved by the authority before final submission to the concerned (government) department.
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Sample Basic Income Statement
Name of the institution: Swift Motors
General information: The Company is operative since the year 2005 and is known to produce the best diesel cars that are very efficiently designed for swift performance and convenient accommodation. It is one of the richest car companies owing to its basic income structure.
Basic income statement prepared for: 4th January, 2011 to 4th April, 2011
Income statement prepared by: Mr. Clans Loyal
Designation: Senior Financial Advisor
Need for the statement: This statement would provide a platform on which the company can redesign its business strategies and gain improvements in terms of sale performance and promotion agenda to bring about an augmentation in its basic annual income.
Basic Income Statements of the Company
Revenues earned from gross sales: $80, 000.00
Revenues earned from maintenance services: $40, 000.00
Revenues earned from instalment schemes: $30, 000.00
Total revenues: $1, 50, 000.00
Loss incurred from purchase of equipments and parts: $30, 000.00
Loss incurred from petrol use for test drive demonstrations: $10, 000.00
Loss incurred from damages and indentation: $20, 000.00
Total losses: $60, 000.00
Total revenues – Total loss – Tax deductions
$1, 50, 000 – $60, 000 – $ 20, 000 = $70, 000.00