Financial statements are essentially the report cards for businesses. They tell the story, in numbers, about the financial health of the business. The information found on the financial statements ...

And Excel isn’t the only option. For example, here’s a free income statement template for Google Sheets. It’s easy to make one from scratch, too. One of the primary reasons businesses prefer ...

These expenses are not initially recorded on a company’s income statement for the period when the money changes hands. Instead, prepaid expenses are first recorded on the balance sheet as an asset.