What is an Income Statement.

Income statement, also called profit and loss statement (P&L) and Statement of Operations, is a company's financial statement that indicates how the revenue (money received from the sale of products and services before expenses are taken out, also known as the "top line") is transformed into the net income (the result after all revenues and expenses have been accounted for, also known as the "bottom line"). The purpose of the income statement is to show managers and investors whether the company made or lost money during the period being reported.

The important thing to remember about an income statement is that it represents a period of time. This contrasts with the balance sheet, which represents a single moment in time.

Charitable organizations that are required to publish financial statements do not produce an income statement. Instead, they produce a similar statement that reflects funding sources compared against program expenses, administrative costs, and other operating commitments.

 - INCOME STATEMENT BOND LLC -
          For the year ended DECEMBER 31 2007

                                            $         $
Revenues
GROSS PROFIT (including rental income)           496,397
                                               --------
Expenses:
ADVERTISING                                6,300
BANK & CREDIT CARD FEES                      144
BOOKKEEPING                                3,350
EMPLOYEES                                 88,000
ENTERTAINMENT                              5,550
INSURANCE                                    750
LEGAL & PROFESSIONAL SERVICES              1,575
LICENSES                                     632
PRINTING, POSTAGE & STATIONERY               320
RENT                                      13,000
RENTAL MORTGAGES AND FEES                 74,400
UTILITIES                                    491
                                                 --------
   TOTAL EXPENSES                                (194,512)
                                                 --------
NET INCOME                                          301,885
                                                 ========

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