Income Statement- 2 by Chelsea Smith https://padlet.com/smith_chelsea1/mu04jd975griuo90 Work with your assigned group to fill in your piece of the Income Statement en-us 2022-10-24 12:00:40 UTC 2026-01-22 19:47:45 UTC hello@padlet.com Income Statement smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448479 INCOME STATEMENT
Definition: a financial statement that shows the company's revenue and expenses during a particular period

What does it tell us?
The companies income and expenditures

Time period(s)?
The amount of time the statement covers can be months or a year.

How is it used?

]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448479 REVENUE smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448480 Synonyms
Income, Takings, receipts, Proceeds, earnings, profit, cash, sales, and returns.
What’s it mean?
The total earnings a company generates through its core operations.
DBA Example
The money we make from sales. 


]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448480 COST OF GOODS SOLD smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448481 Synonyms
- cost of sales
- cost of merchandise sold
- carrying value
- production cost
- book value
What’s it mean?
The total amount your business paid as a cost directly related to the sale of products.

DBA Examples
How much the shirts cost, and how much it cost to put the design on the shirt]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448481 EXPENSES smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448482 Synonyms
operating budget/expense,

What’s it mean? -The cost required for something; the money spent on something.

DBA Examples
Payroll, utilities, equipment, stock (T-Shirts), quickbooks membership]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448482 NET PROFIT (loss) smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448483 Synonyms:
  • net earnings
  • net pay
  • net wages
  • real wages
  • take-home
  • take-home income
  • taxable income
  • wages after taxes

What’s it mean?
noun

  1. the actual profit after working expenses not included in the calculation of gross profit have been paid.

DBA Examples:

  • The Shirts we sell

]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448483 GROSS PROFIT smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448484 Synonyms
- Addition
- Profit

What’s it mean? the total income after subtracting the costs of the items sold

DBA Examples
 - The money we gain through selling shirts after subtracting the cost of using our machinery and inks
 - Or even any other merchandise.]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448484 TAXES smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448485 Synonyms
None

What’s it mean?
How much you pay to Uncle Sam (govt).

DBA Examples
We pay 7.5% of the revenue for taxable sales.]]> 2022-10-24 12:00:40 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353448485 PROFIT MARGIN smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353476182 Formula
Net Profit / Revenue

What’s it mean?
To gauge the degree to which a company or a business activity makes money. It represents what percentage of sales has turned into profits. How many cents of profit has been generated for each dollar of sale.

DBA Examples
14% ]]> 2022-10-24 12:20:47 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353476182 (-) smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353479772 2022-10-24 12:23:07 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353479772 (=) smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353479993 2022-10-24 12:23:17 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353479993 (-) smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353480217 2022-10-24 12:23:27 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353480217 (-) smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353480758 2022-10-24 12:23:52 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353480758 (=) smith_chelsea1 https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353480944 2022-10-24 12:24:00 UTC https://padlet.com/smith_chelsea1/mu04jd975griuo90/wish/2353480944