When total expenses are deducted from total revenues on the income summary, the resulting amount is either a gain or a loss for the business. For example, if the business had $100,000 in expenses ...

Example of a Partnership Allocation of a Net Loss Journal Entry in Accounting. Two or more individuals launch a partnership, which is a form of business organization.

The profit and loss (P&L) statement is a financial statement that summarizes a company's revenues, costs, and expenses incurred during a specified period.