How to Make a Profit & Loss Statement

Video Transcript

"Hi, my name is John Niemira and I'm here on the campus at Salt Lake City of the Steven Henagers College. And I want to talk to you briefly today about a profit and loss statement for your business. Profit and loss statement is simply what it says, tells you about the profits and loss for your company over any given period of time. Profit and loss statement is usually done on a quarterly basis but can be done on any length of time. Profit and loss statement is something that's usually done by your bookkeeper or your accountant. It wants to detail the profits, what you brought in for your company and the loss out of it or the expense out of it, what you put out, what you spent on it. It wants to talk about what your bills were, what expenses came out, whether it was payroll and your regular bills, and your vendors and your service and your gas and electric and that sort of thing. And of course on the profit side, what you brought in. How much were you paid by either your customers or your contracts or however you received money on your side. Profit and loss is going to be given an even divided statement, tell you where you stand for the bottom line. Take your profits, subtract your losses, how did you come out. For anymore information on this topic or any other business topic, you can contact me directly at my email, jniemira@gmail.com."