Guide to Opening your Practice - Appendix 7

Profit And Loss Statement

  CURRENT PERIOD YEAR-TO-DATE
INCOME
   
Fee Income
$ ___________________
$ ___________________
Client Expense Income
$ ___________________
$ ___________________
Sublease Rental Income
$ ___________________
$ ___________________
Fee Income
$ ___________________
$ ___________________
Interest Income
$ ___________________
$ ___________________
TOTAL INCOME
$ ________________________ $ ________________________
EXPENSES
$ ________________________ $ ________________________
Shareholder Compensation
$ ________________________ $ ________________________
Advertising
$ ___________________
$ ___________________
Postage
$ ___________________
$ ___________________
Telephone
$ ___________________
$ ___________________
Fax
$ ___________________
$ ___________________
Total Communications Expenses
$ ________________________ $ ________________________
Associate Expenses
$ ___________________
$ ___________________
Staff Salaries
$ ___________________
$ ___________________
Employer's Taxes
$ ___________________
$ ___________________
Group Benefits
$ ___________________
$ ___________________
Cantract Services
$ ___________________
$ ___________________
Parking/Office
$ ___________________
$ ___________________
Total Employee Expenses
$ ________________________
$ ___________________
WSIB Premiums
$ ___________________
$ ___________________
Multi Peril, Etc.
$ ___________________
$ ___________________
Key Man
$ ___________________
$ ___________________
Professional Services/Others
$ ___________________
$ ___________________
Referral Fees
$ ___________________
$ ___________________
Penalties
$ ___________________
$ ___________________
Total Insurance, Tax & Fee Expenses
$ ________________________ $ ________________________
Rent - Office/Basement
$ ___________________
$ ___________________
Utilities
$ ___________________
$ ___________________
Total Occupancy Expenses
$ ________________________ $ ________________________
Client Expenses
$ ___________________
$ ___________________
Accounting
$ ___________________
$ ___________________
Auto Expense
$ ___________________
$ ___________________
Bank Charges
$ ___________________
$ ___________________
Delivery Expense
$ ___________________
$ ___________________
Firm Business Meals
$ ___________________
$ ___________________
Filing Fees/Firm Expense
$ ___________________
$ ___________________
Internet Fees
$ ___________________
$ ___________________
Lease Equipment
$ ___________________
$ ___________________
Library
$ ___________________
$ ___________________
Maintenance - Equipment
$ ___________________
$ ___________________
Parking
$ ___________________
$ ___________________
Reproduction - Equipment
$ ___________________
$ ___________________
Subscription
$ ___________________
$ ___________________
Supplies
$ ___________________
$ ___________________
Total Office Expenses
$ ________________________
$ ___________________
Annual Functions
$ ___________________
$ ___________________
Continuing Legal Education (CLE)
$ ___________________
$ ___________________
Client Development
$ ___________________
$ ___________________
Professional Fees/Dues
$ ___________________
$ ___________________
Entertainment
$ ___________________
$ ___________________
Gifts
$ ___________________
$ ___________________
Total Professional Activities Expenses
$ ________________________ $ ________________________
Contributions
$ ___________________
$ ___________________
Interest
$ ___________________
$ ___________________
Total Miscellaneous Expenses
$ ________________________ $ ________________________
TOTAL EXPENSES
$ ________________________ $ ________________________
OPERATING INCOME
$ ________________________ $ ________________________