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The P & L statement contains uniform categories of sales and expenses. The categories include net sales, costs of goods sold, gross margin, selling and administrative expense (or operating expense), and net profit. These are categories that you, too, will use when constructing a P & L statement.

Any profits not paid out as dividends are shown in the retained profit column on the balance sheet. The amount shown as cash or at the bank under current assets on the balance sheet will be determined in part by the income and expenses recorded in the P&L.

A P&L statement shows a company's revenue minus expenses for running the business, such as rent, cost of goods, freight, and payroll. Each entry on a P&L statement provides insight into the cash flow of the company and shows where money is coming from and how it is used.

P&L Statement.Here's the main one: The balance sheet reports the assets, liabilities and shareholder equity at a specific point in time, while a P&L statement summarizes a company's revenues, costs, and expenses during a specific period of time.

How Do I Create a P&L?Choose a Format. Decide which profit and loss template format you'll use.Download the Template. Download your free profit and loss template from FreshBooks in seconds.Enter Revenue. Add your revenue numbers in the appropriate field.Enter Expenses.Calculate Net Income.Determine Profitability.

A P and L statement, also known as a profit and loss statement, is a financial report that summarizes revenue, costs, and expenses incurred over a fiscal quarter or year. This report is especially useful as it shows a business's financial health and profitability.

The P&L statement can be found on a company's website and is one of the financial statements that public companies are required to issue by law to shareholders. 1. The P&Ls for different periods should be looked at in conjunction with the cash flow statement for a more accurate picture of a company's financial health.