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27 Jun 2012 There is an important difference when comparing the income statement for a service business, versus a business that sells finished goods. The profit and loss statement is a summary of a business's income and expenses over the business is retail, wholesale, manufacturing, or a service business. 4 Mar 2013 To get results that are usable to the reader, the profit and loss statement for a service related business should provide the following information:. Tutorial: Profit and Loss Statement for Service Businesses. The profit and loss statement is a summary of the revenue and expenses of a company for a period of time. 20 Oct 2010 The income statements are quite different though. The income statement for a service company focuses on Cost of Sales and Expenses. 1, SAMPLE PROFIT & LOSS STATEMENT. 2, FOR SMALL & MICRO BUSINESSES IN SERVICE INDUSTRY. 3. 4, OPERATING 5, Income from Service, $ -. 6. In modern economy, sales revenue is the fuel that sustains services, innovation and competition -- whether the income stems from a service company or a Small Business Development Corporation Profit & loss and balance sheets › Example profit and loss statement Equals, Net Profit (BOS), $, 85,500, 8.6% Since service based companies do not sell a product, the income statement will not contain cost of goods sold. Therefore, the income statement will be a basic breakdown of income and expenses. The difference between income and operating expenses is operating income. In this case, all expenses are period costs.
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