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Global Documents

Sample Income Statement (Profit and Loss Statement) 
 
Sales 
-  Cost of goods sold (COGS) 
= Gross profit 
 
 
   Gross profit 
-  General and administrative expenses (G&A) 
= Net operating profits or net profit before taxes (PBT) 
 
   Net operating profits 
-  Other Income or Expense 
=  Profit before taxes 
 
    Profit before taxes 
-  Taxes  
= Net Profit 
 
 
Note: Cost of goods sold must include direct labor, material expenses, and other costs 
incurred because you sold something. General and administrative expenses can be 
divided into two categories: labor related and non-labor related overhead. Labor related 
could include unapplied labor, training labor, worker’s compensation, vacations, 
holidays, health insurance, etc.   
 
