A profit and loss statement is a financial report that summarizes a company’s revenue, expenses, and profits or losses over a specific period. This statement, also known as an income statement, is one of the essential financial documents for businesses, as it provides an overview of a company’s economic performance. In this article, we’ll look more in-depth at a profit and loss statement, why it’s essential, and how to create one. What is a Profit and Loss Statement? A profit and loss statement is a financial report that shows a company’s revenue, costs of goods sold, gross profit, operating expenses,…