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What does an income statement look like? 🔎
An income statement looks like a long list on which on the one hand all your costs are neatly bundled per cost category.
On the other hand you can also find your turnover. Usually your entire annual turnover is summarized on one revenue account (“700000 – sales and services” in the example below).
However, there may be a number of divisions, for example per VAT rate or per major product you sell. All of these revenue accounts will always start with number 7.
It depends on the accounting software your accounting firm uses, but an income statement will look something like this:
