A simple income statement is a document which contains the details of the net revenue and expense, during a specific period of time, usually one year. It is also known as a profit and loss statement. It also shows the amount of net income, from the given revenues and expenses. The main purpose of creating an income statement is to show, whether a person or company is making profit or loss in a financial year.
Sample Simple Income Statement:
Personal Income Statement
Name of the individual: Mr. Henry Rogers.
Income statement for the time period: January 2010 to January 2011.
Date of preparation: 10th of February, 2011.
Purpose: this income statement is prepared to analyze the person’s net income for a year, before he can opt for any other insurance scheme or savings proposal.
Income Amount in $
Job at cell phone company 239000
Private business 100000
Job as copywriter 55000
Job as manager 250000
From house rent 19990
From monthly return scheme 12000
Part time jobs 18000
Total Income 693990
Expenses Amount in $
Dining for two members 36000
Education of children 13000
Gas for cooking 1500
Insurance, health and home 25000
Phone, landline 1900
Other expenses 12000
TOTAL expenses 89400
NET INCOME 604590
Thus the above report conveys that the net income of the person is $ 604590, which tells us that his savings is more than his expenses.
I hereby agree that all information and figures proposed above are true and authentic.
(Signature of the person) (Signature of accountant)