Question
The Financial Statements Template can be customized to accurately reflect a company's revenues and expenses by listing the categories and subcategories for the company's revenues and expenses. For revenues, there's a specific field to include values for 'sales returns and allowances', which will be deducted from the total revenues. The expense categories and subcategories should be organized similarly. The expenses are differentiated between Cost of Goods Sold (COGS) and Operating expenses. COGS are the expenses directly tied to the company's production and overall management, while operating expenses cover costs related to the company's core activities, like salaries, rent, and utilities.
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To customize the income sheet, list the categories and subcategories for your company's revenues. Additionally, there's a specific field to include values for "sales returns and allowances", which will be deducted from the total revenues. Next, the expense categories and subcategories should be organized similarly. The expenses are differentiated between Cost of Goods Sold (COGS) and Operating expenses. COGS are the expenses directly tied to the company's production and overall management, while operating expenses cover costs related to the company's core activities, like salaries, rent, and utilities.
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