Use the MultiStep worksheet in this case. So, you'll see Cost of Goods Sold broken out into its own section, with Gross Profit calculated as the Net Sales minus Cost of Goods Sold.
Cost of Goods Sold (COGS)įor a retail company, one of the main expenses is the cost of goods sold. You will likely want to customize the Revenue section to highlight your company's main sources of revenue. In the income statement template, there are categories for Sales revenue, Service revenue, Interest revenue, and Other revenue. The income that is generated by providing a service, selling a product, earning interest on investments, renting extra office space, licensing technologies, selling advertising space, or licensing the use of your brand name. Net Income = Total Revenue - Total Expenses Revenues
