Businesses want to be profitable and as a professional hospitality manager or owner, you
will want to operate a profitable business. The vehicle businesses use to document and
report their profits is called the income statement. In the past, some managers have referred
to the income statement as the ‘‘Profit and Loss’’ (P&L) statement and as a result that name
for it is still used by some in the hospitality industry. In this article we will simply refer to
the document by its shortened name: the Income Statement.