Get Official Form 22a1 Chapter 7 Statement Of Your Current Monthly ... - Casb Uscourts

In brief, The Income statement has the following components: Revenues, Costs of Goods Sold, Gross Profit, Operating Expenses, Operating Income, Other Income/Expenses, Profits.

The income statement is also referred to as the statement of earnings or profit and loss (P&L) statement....Income Statement Formula is represented as, Gross Profit = Revenues – Cost of Goods Sold. Operating Income = Gross Profit – Operating Expenses. Net income = Operating Income + Non-operating Items.

What is a monthly income statement? Your income statement, also known as the profit and loss statement (P&L), summarizes your business revenue and operating expenses over a period of time.

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

Official Form 122A─1. Chapter 7 Statement of Your Current Monthly Income.

To be eligible to file for bankruptcy under Chapter 7, you must satisfy the Means Test. The easiest way to qualify for Chapter 7 is to have an income below the state median. Even debtors whose household income is above the state median may qualify for Chapter 7 by going through the more thorough, full Means Test.

The income statement presents revenue, expenses, and net income. The components of the income statement include: revenue; cost of sales; sales, general, and administrative expenses; other operating expenses; non-operating income and expenses; gains and losses; non-recurring items; net income; and EPS.

An income statement or profit and loss account (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) is one of the financial statements of a ...