The Profit & Loss Statement (also called the Income Statement) lists income earned and expenses incurred to generate income. Summarizing the amount of profit or loss a company has earned, the Profit & Loss Statement is one of the primary financial statements given to bankers and investors.
Prepare the QuickBooks Profit & Loss Standard for Rock Castle Construction by completing the following steps:
Click Reports in the Navigation Bar
Select type of report: Company & Financial
Select report: Profit & Loss Standard
Select the date range: Last Month. The Dates field will now be: 11/01/2022 To 11/30/2022. Select the Run icon.
Export the report to Excel or print the Profit and Loss Standard. (If your Chapter 1 Excel Report workbook is already open, you may receive an error message. Close the Chapter 1 Excel Report worksheet. Then export the report again. If you continue to receive an error message, then close the Excel software, and export the report again.)
Close the Profit & Loss Standard window
Highlight the amount of the single largest income item appearing on the Profit & Loss Statement for the month of November
Highlight the amount of the single largest expense item appearing on the Profit & Loss Statement for the month of November