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قديم 08-13-2015, 08:58 PM
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تاريخ التسجيل: Jan 2013
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افتراضي Income statement



Instructions

The Income Statement summarizes your actual income and expenses for a specified period, usually your “fiscal year”. When expenses are deducted from revenues, your Net Income is determined. This Income Statement is formatted to allow you to calculate both Net Income from Fishing and Net Income (all Sources

The fishing portion shows all revenues and all expenses related to your fishing operation, including depreciation of capital equipment, and contains information needed to complete federal tax form Schedule C “Profit and Loss From Business.”

The Income Statement is also a basic financial statement required for loan applications. It is important to be able to track how your fishing enterprise is doing on its own, but when you go to a financial institution for a loan they want to know how you are doing overall when determining whether to extend credit.

Start by specifying the period covered by the statement. In the green-outlined “User Input Field” next to “Period of ______” enter the period covered by the Income Statement. For most fishermen this will be the calendar year. So, if your Income Statement is for 2007, enter January 1 - December 31, 2007.

We begin with the fishing section of the Income Statement. The Fishing Income section is formatted to account for items typical to a commercial fishing operation, the foremost being Fish Sales. If you do not have income in a particular category, just leave it blank.

Another common source of income for fishermen is Vessel / Equipment Lease Income, which could include chartering your vessel to another fisherman or oil spill response income.

When a vessel or piece of capital equipment is sold, only the net gain from the sale is considered for tax purposes and only net gain should be shown on the Income Statement under Gain on Sale of Vessel or Equipment. The same is true for Gain on Sale of Permits or Quota Shares.

The worksheet also provides extra lines for Other income sources. These are unlocked User Input Fields that you can label as needed. You might want to leave one as “Other” to serve as a catch all for a summarized amount for miscellaneous small income items.

The Variable Fishing Expenses section deals with the operating expenses found in most fishing operations. Enter the summarized data for each category as indicated. Now do the same with Fixed Fishing Expenses like insurance, moorage fees, interest payments, and depreciation, which are relatively constant regardless of the amount of time spent fishing. As with the Fishing Income section, the worksheet provides extra lines for Other fixed or variable expenses that are unlocked User Input Fields that you can label as needed.

Depreciation and amortization deductions and the gain or loss on the sale of assets are included in your income tax calculation. The Income Statement is prepared, in part, for income tax purposes that is why depreciation deductions appear there.

Note: Depreciation is an accounting convention that reflects wear, tear, and obsolescence of capital equipment, allowing the owner to subtract this loss in value as a business expense. A “useful life” is determined for each piece of equipment and the cost of the equipment is divided over that lifetime, giving a depreciation schedule. Each year, a portion of the cost is deducted as a business expense. This is an important consideration for tax calculations of which your Income Statement is a vital part. Depreciation schedules can be complicated so getting good accounting advice is a must. Amortization works the same as depreciation, but applies to intangible assets such as permits and IFQs purchased after August 10, 1993, which are generally deductible on a “straight line” basis over 15 years.

Having now entered all of you Income and Expense data, your Net Income from Fishing is automatically calculated at the bottom of page 1 of the Income Statement.

Now we move to your other, non-fishing sources of income and non-fishing expenses. Under Additional Income list all your non-fishing income sources, like wages or salary from off-season employment. You should list your gross income from these sources, not your “take home”. Next list Interest or Investment Dividend Income from your savings and investments, followed by Gain on Sale of Investments. If you are an Alaska resident, don’t forget your Permanent Fund dividend. We have provided five more lines to list any other sources of personal income you might have, such as income from rental property, or the like.

Personal & Living Expenses come next, and include:

Food, Clothing and Entertainment
Utilities (water, sewer, electric, fuel oil, telephone, etc.)
Insurance (house, car, life, medical, disability, etc.)
Medical Expenses (not covered by insurance)
Child Support / Alimony
Interest Portion of Mortgage & Other Loan Payments
Rent
Taxes (income tax, property tax, etc.)
Charitable Contributions
Other Purchases
Other Payments


Once you have completed entering your Additional Income sources and your Personal & Living Expenses, the Income Statement spreadsheet automatically combines this information with the data on your fishing operation to calculate your Net Income (all sources). Simply put, this is the sum of all your income sources, minus all of your expenses.

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