p>Too often, business owners will print a profit-and-loss statement (P&L, also called an income statement) and then look at just the bottom line net profit. That's unfortunate, because there may be financial problems lurking below the surface, and the only way to uncover them is to review the numbers behind the statement. Unlike a balance sheet, which shows what you own and owe at a single point in time, a P&L shows your income and expenses over a period of time. If you wanted to look at only net profit, you could create a P&L by subtracting all your expenses from
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