In business, you may buy something for $10.00 and you sell it for $20.00. Your profit and loss statement would look something like this:
|Cost of Goods Sold||$10.00|
This is obviously a very simple example of a very basic profit and loss report. If you’re in business, your probably have an accountant who can provide you with the report that you need. A profit and loss report is a report that shows you how much money you’re making.