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The potential client, a realtor, arrived in a $100,000 Mercedes and broke down in tears during the meeting, revealing he had been denied financing by five banks. The speaker looked at his profit and loss statement and also couldn't help but cry. In this video tutorial, they outline how to create a profit and loss statement, its importance, and provide a template for businesses. A profit and loss statement, or P&L, is calculated by deducting costs and expenses from gross sales over a specific period. P&L statements are crucial for tracking financial performance, making informed business decisions, and securing financing.
