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Life Challenge of Southeastern Michigan Profit and Loss COMP THIS MONTH 01/10/14 December 2013 Dec 13 Ordinary Income/Expense Income DONATIONS-DETROIT STUDENT SPONSORSHIP DETROIT 4000.10 INDIVIDUALS
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What is profit and loss?
Profit and loss refers to a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal quarter or year.
Who is required to file profit and loss?
Businesses, corporations, and other entities that generate revenue and incur expenses are required to file profit and loss statements.
How to fill out profit and loss?
To fill out a profit and loss statement, one must list all revenues, costs, and expenses incurred during the reporting period and calculate the net profit or loss.
What is the purpose of profit and loss?
The purpose of a profit and loss statement is to show the financial performance of a business, including its ability to generate profit or incur losses.
What information must be reported on profit and loss?
Revenues, costs of goods sold, operating expenses, interest and taxes paid, and net profit or loss must be reported on a profit and loss statement.
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