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  • #2050



    I’m entirely new to business, and I’m trying to look at the finances for a potential business idea.
    I’m currently trying to produce an income statement. As I understand it, the income statement adds up all the revenue from sales and other sources , subtracts my costs and comes up with a net income figure.
    I am producing this for year 1, year 2 etc..
    My question: there are some set up costs that will only apply to the first year – such as buying some start up equipment for example. Do those costs go in the income statement or do these one-off costs go in a different document? In other words, Is the income statement only for regular ins and outs?

    Please help.

    I didn’t find the right solution from the Internet.

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