Self-Employment Steps for Vocational Rehabilitation Counselors: Helping a Consumer Start a Business

Income Statement

The Income Statement is a record of all transactions that affect profitability during a particular period of time (e.g., 1/1/00 - 12/31/01). Another way of looking at the income statement is to think of it as a person’s monthly wages less monthly bills (paid or owed).

Example: $2,000 wages - $1,500 bills paid (or owed) = $500 net profit.