The Pennsylvania Income and Expense Statement is an accounting document used to track income and expenses for individuals and organizations within the state. This statement is typically used to track and report taxes, determine net income, and analyze the financial health of an individual or business. There are two types of Pennsylvania Income and Expense Statements: personal and business. The personal statement is used to track a person’s income and expenses, including wages, investments, and other sources of income. The business statement is used to track and report the income and expenses of an organization, such as a company or corporation. Both statements can include line items such as salaries, wages, taxes, rental income, interest income, and other income and expense items. The statements are important for tax purposes, to assess financial health, and to monitor the success of a business.