Get Comparative Income Statement

Filling out a Comparative Income Statement is essential for understanding financial performance over two periods. This guide will help you navigate the online form efficiently, ensuring you capture all necessary information clearly and accurately.

Follow the steps to complete the Comparative Income Statement online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering the name of the entity or individual in the designated field at the top of the form.
3. Input the current period's financial details in the appropriate sections, starting with gross sales, and deduct any sales returns and allowances to determine net sales.
4. Move on to the section for cost of goods sold. Enter the beginning inventory amount, followed by adding purchases, freight-in, direct labor, and indirect expenses, and total these to find inventory available.
5. Deduct the ending inventory from the inventory available to calculate the cost of goods sold, then record the resulting gross profit or loss.
6. Progress to listing all expenses, entering amounts for categories such as advertising, legal and professional fees, and wages, among others. Ensure all expenses are accounted for to provide a total.
7. Calculate net operating income by subtracting total expenses from gross profit. If applicable, include any other income and detail amounts for gains or losses on asset sales, and interest income.
8. Complete the form by summarizing the net income or loss, ensuring all calculations are accurate.
9. Once all sections are filled out, save your changes. You can then choose to download, print, or share the completed Comparative Income Statement.

Start filling out your Comparative Income Statement online today!